Apple stock falls to one-year low on supplier news
NEW YORK -- Shares of Apple Inc. are setting a one-year low after news from a supplier hinted at a slowdown in iPhone and iPad production.
The stock is down $18.48, or 4.3 percent, at $407.76. The shares hit $403.67 earlier, the lowest level since Dec. 2011.
Late Tuesday, Cirrus Logic Inc., which supplies audio chips for the iPhone and iPad, said sales of a particular chip are slowing down as a 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.
Take ABC13 with you!
Download our free apps for iPhone, iPad, Android and Blackberry devices
- Woman kidnapped, sexually assaulted in SE Houston
- Malaysian leader: Plane's disappearance deliberate
- Vigil held for teen shot in girl's bedroom
- Suspect killed in home invasion in N. Harris Co.
- Brawl breaks out at funeral home on Houston's south side
- Mega Millions jackpot swells to $400 million
- Raiders sign Texans' Antonio Smith
- Motorcyclist dies in crash with wrecker
- Officers' body cameras raise privacy concerns 58 min ago
- Woman accused of punching 4-year-old, killing her
- Police investigating north Houston nightclub stabbing
- Motorcyclist killed in head-on wreck in northwest Houston
- Search continues for clues in women's murders
- Driver charged in deadly SXSW wreck