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Apple stock takes further dive, drops below $400 for first time since December 2011

Apple stock drops below $400 for first time since December 2011

By Trace Hagan | Apr 17, 2013 02:31 pm CDT

Apple's stock continues to fall as more and more reports of decreased demand roll in. Today, Apple's stock dropped by almost 6 percent, slipping to under $400 for the first time since December 2011. Apple stock has since rallied slightly and is back at $401.70 at the time of writing.

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A major contributor to today's decrease in value is a report by DigiTimes stating that iPad mini shipments could be down by as much as 30 percent quarter-over-quarter. Another contributor is Cirrus Logic, supplier of the audio chips in Apple products, failed to meet expectations, leading many investors to believe Apple's demand is also down.

We'll know just how bad Apple performed when they release their financial results next week.

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