Apple stock falls to one-year low on supplier news - KMSP-TV

Apple stock falls to one-year low on supplier news

Posted: Updated:

By PETER SVENSSON
AP Technology Writer

NEW YORK (AP) - Shares of Apple Inc. hit their lowest levels in a year and half on Wednesday, after a supplier hinted at a slowdown in iPhone and iPad production.

The stock was down $20.37, or 4.8 percent, at $405.87. Apple's shares hit $403.67 earlier, the lowest level since Dec. 2011. The decline means Apple has -for now- lost its position as the world's most valuable publicly traded company to Exxon Mobil Corp.

Late Tuesday, Cirrus Logic Inc., which supplies audio chips for the iPhone and iPad, said sales of a particular chip are slowing down as a customer moves to a newer component.

Analyst Peter Misek at Jefferies & Co. said Cirrus' news suggests a big decline in Apple sales in the April to June period. That supports his view that Apple is unlikely to launch a new iPad Mini in the quarter, and that the next version of the full-size iPad may launch late in the quarter rather than early. In the last three years, Apple has launched a new iPad in March or April.

Apple does not comment on its suppliers' announcements or its product plans. It's set to report results for the January to March quarter on Tuesday.

The latest decline in the stock comes after a bruising winter for Apple. The company's stock is down 42 percent from its all-time high of $705.07, hit on Sept. 21 when the iPhone 5 went on sale. Investors have concluded that with the demise of co-founder Steve Jobs, Apple may never again create another ground-breaking product of the magnitude of the iPhone or iPad.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Tech NewsTech NewsMore>>

  • myFOX Tech

    Avast Buys 20 Used Smartphones, Reads "Deleted" Data

    Avast Buys 20 Used Smartphones, Reads "Deleted" Data

    Wednesday, July 9 2014 5:10 PM EDT2014-07-09 21:10:34 GMT
    Avast buys 20 used phones, reads "deleted" data. Here are 5 steps you can take to protect your data before selling your phone.
    Avast buys 20 used phones, reads "deleted" data. Here are 5 steps you can take to protect your data before selling your phone.
  • myFOX Tech

    Review: Is Samsung’s Gear Fit A Good Fit For Your Exercise Needs?

    Review: Is Samsung’s Gear Fit A Good Fit For Your Exercise Needs?

    Wednesday, July 2 2014 1:42 PM EDT2014-07-02 17:42:25 GMT
    Review: Is Samsung's new smartwatch/fitness tracker, the Gear Fit, a perfect fit for your workout needs? Our Tech Ninja gives it a workout!
    When Samsung released the first generation Galaxy Gear watch, I was not impressed. At all. Cool idea, but horrible execution. Now they've released the Gear Fit and, my how things have changed!
  • myFOX Tech

    Google Announces Android Wear, Android Auto, Android Fit, Android TV and More

    Google Announces Android Wear, Auto, Fit, TV and More

    Wednesday, June 25 2014 6:35 PM EDT2014-06-25 22:35:15 GMT
    Day one of Google’s I/O Developer conference began with a bang at Moscone Center in San Francisco, CA. The tech giant announced Android Wear, TV, Fit, Auto, the LG G Watch, Samsung Gear Live and more!
    Day one of Google’s I/O Developer conference began with a bang at Moscone Center in San Francisco, CA. The tech giant announced Android Wear, TV, Fit, Auto, the LG G Watch, Samsung Gear Live and more!
Powered by WorldNow

KMSP-TV
11358 Viking Drive
Eden Prairie, MN 55344

Phone: (952) 944-9999
Fax: (952) 942-0455

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices