Fueled by concerns that iPhone 5 demand has weakened, investors are abandoning Apple, sending the company’s stock under the $500-per-share mark.
Apple’s shares took a substantial hit yesterday after reports broke that Apple had cut display orders in half for the current quarter, indicating lessening demand. The stock ended yesterday at $501.75, a drop of 3.57 percent. But it looks like investors are still freaking out today.
At the time of this writing, Apple’s stock is down about 2 percent to just under $492. The current price is a far cry from Apple’s 52-week high of $705.07.
Check out Apple’s stock performance from the last year in the chart below:
Tim Cook photo via VentureBeat