Apple stock falls to one-year low on supplier news

Apr 17, 2013 by Peter Svensson

Shares of Apple Inc. fell below $400 for the first time in a year and half on Wednesday, after a supplier hinted at a slowdown in iPhone and iPad production.

The stock was down $21.89, or 5.1 percent, at $404.35 in early afternoon trading. Earlier in the day, it hit $398.11, 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., which has a market capitalization a few billion dollars above Apple's $380 billion price tag.

Late Tuesday, Cirrus Logic Inc., which supplies audio chips for the iPhone and iPad, said sales of a particular chip are slowing down as an unnamed 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.

Explore further: Strong iPhone 6 demand boosts Taiwan export orders

5 /5 (3 votes)
add to favorites email to friend print save as pdf

Related Stories

Apple stock hits new high after 4-month dip

Aug 17, 2012

(AP) — Apple's stock hit a new high Friday after a four-month swoon, as investors looked ahead to the release of a new iPhone and possibly a smaller iPad.

Apple shares extend downward slide

Dec 14, 2012

Concerns that the latest iPhone may not be a hit in China caused Apple shares on Friday to extend their slide from a record high price hit in September.

Apple stock hit by AT&T numbers

Apr 24, 2012

(AP) -- Apple shares slipped in early trading Tuesday after AT&T Inc., the largest seller of iPhones in the U.S., reported a sharp drop in first-quarter sales compared to the holiday quarter.

Recommended for you

Facebook sues law firms, claims fraud

8 hours ago

Facebook is suing several law firms that represented a man who claimed he owned half of the social network and was entitled to billions of dollars from the company and its CEO Mark Zuckerberg.

IBM 3Q disappoints as it sheds 'empty calories'

8 hours ago

IBM disappointed investors Monday, reporting weak revenue growth again and a big charge to shed its costly chipmaking division as the tech giant tries to steer its business toward cloud computing and social-mobile ...

MasterCard, Zwipe announce fingerprint-sensor card

Oct 18, 2014

On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world's ...

User comments : 2

Adjust slider to filter visible comments by rank

Display comments: newest first

VendicarE
not rated yet Apr 18, 2013
Apple's stock price at close...

$393

This is just 55 percent of it's peak value attained last summer.

It's cash reserves are closing in on it's stock price, indicating that the company has no future.

VendicarE
not rated yet Apr 18, 2013
Looks like Ball Boy Ballmer is on his way out at Microsoft.

That incompetent and pathetic carnival barker can't be made gone soon enough.