Apple shares dip below $500 in response to Wall Street Journal report
Following a report by the Wall Street Journal, which stated Apple had cut orders for spare parts due to unexpectedly weak demand for the iPhone 5, the tech firm’s share price dropped in early pre-market trading by almost 4 per cent.
In its report the Wall Street Journal said two unnamed sources told it that Apple's first-quarter orders for iPhone 5 screens had dropped to about half of what the company had planned.
The report went on to indicate that another source said the company had cut orders for other components, and that the order cut occurred last month.
Apple’s slow response to the report was seen by analysts as a sign that new iPhone sales had been worse than expected.
The 4 per cent dip took the share price to below $500 (£310) - a place the company was at around a year ago and well below the year-long peak of $705 (£430).
However, Apple's share price regained strength slightly after the opening bell.