Reports of weak iPhone 5 demand briefly send Apple stock below $500
As we reported earlier today, news broke on Sunday that Apple has apparently reduced its orders for key iPhone 5 components by half. The decision was supposedly made based on weak demand for the phone, but as we pointed out, the move could very well be part of Apple's plan to move to a six-month release schedule for new iOS devices. Nevertheless, the report spooked investors, prompting them to sell off Apple stock and cause its price to briefly dip below $500 today, according to AllThingsD. The stock closed today at $501.77; it closed at $520.30 on Friday, January 11.
The site makes a good point regarding the scare, which is that analysts seem unfazed by the news despite the obvious skittishness of investors. In fact, it doesn't sound like the news was entirely unexpected among analysts, given Apple's initial hopes of selling a whopping 65 million iPhone 5 units in one quarter.
It's possible that Apple will address iPhone 5 demand during its Q1 2013 earnings call, which is scheduled for January 23. We'll be covering the call and will bring you more details as they surface.
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