Apple stock drop lingers following iPhone parts reports

15 January 2013 07:36 am - 0 - {{hitsCtrl.values.hits}}

A A A

Apple's stock went down and stayed down today, following news that the company had slashed orders for iPhone parts.

Shares of Apple stayed down today following a drop that sent the stock down below $500 for the first time since February.

The stock ended the day at $501.75, down $18.55 or 3.57 percent.

The cause for the initial drop came from a pair of stories yesterday -- one from Japan's Nikkei and another later in the day from The Wall Street Journal -- claiming Apple cut its component orders for the iPhone by nearly half last month. The suggestion from both was that demand for Apple's iPhone 5 had declined, causing Apple to slow down on manufacturing orders for more devices.

Some analysts were quick to reassure investors that the reports were simply more "noise" and, in fact, old news.

"We believe this news is not new, as we first discussed potential supply chain component cuts in our report on December 19," JP Morgan analyst Mark Moskowitz said in a note this morning. "We believe the news is more noise, and we believe the stock reaction has been overdone," he added.

Apple reports its fiscal first-quarter 2013 results next week, the first full quarter's worth of iPhone 5 sales, a product that went on sale in September. Analysts, on average, expect the company to have sold just under 50 million iPhones in the three-month span that ended in December. However some of that is expected to be sales of the older models like the iPhone 4S and iPhone 4, which Apple continues to sell.

(Source : news.cnet.com)

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Apple stock drop lingers following iPhone parts reports

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Racing event tragedy leaves seven dead including eight-year-old child

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

New Visa procedure implemented

Street food vendor arrested for verbally harassing foreigner

Two racing drivers arrested over Fox Hill tragedy

Ranil Wickremesinghe caravan moves on despite barking dogs

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

No footboard riding allowed, no liability for accidents: Railways Department

Six patients claim Rs.600 million from Keheliya and others for permanent loss of sight

SLPP, UNP initiates action for forming broad alliance

Here is the way!

Pakistan lose key players for last two T20Is against New Zealand

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings

Army forms committee to probe Diyatalawa Fox Hill Supercross accident