Apple Inc. (AAPL) stock fell to its lowest price since December 2011 today following a report from Cirrus Logic, a producer of chips used in the iPhone and iPad, that it was dealing with an inventory surplus.
Cirrus Logic said one of its customers is moving to a newer component causing the slowdown, The Associated Press reports. It did not specify which customer made the switch, but Apple is reportedly its biggest customer.
Investors took this as a sign that iPhone and iPad sales might have fallen short of expectations. Apple’s prices fell about 6%, and the market closed with Apple stock at $402.80, down $23.44. At one point, the stock had slipped below $400.
Apple stocks have fluctuated in the past few months, hitting an all time record of above $700 in September due to pent-up demand for the iPhone 5.
AAPL drops below $400 briefly; Cirrus Logic inventory numbers blamed originally appeared on TUAW – The Unofficial Apple Weblog on Wed, 17 Apr 2013 18:00:00 EST. Please see our terms for use of feeds.