Apple shares hit an 11 month low today. The stock [
AAPL] fell $18.55 (3.57%) to close at $501.75. Apple has lost nearly 200 points since mid-September.
Bloomberg is
reporting that the drop comes after the
Nikkei newswire
reported Apple cut its production due to weak iPhone 5 demand. Apple reportedly cut production by nearly 30% last month.
CNET
reports that JP Morgan analyst Mark Moskowitz is calling the new reports old news. However, even the
Wall Street Journal is
saying the cuts were due to weaker demand for the iPhone 5. Take a look:
