Apple falls below $500

The sell-off in Apple stock continued Tuesday, with shares falling below $500...again.

Shares of Apple (AAPL, Fortune 500) declined 2.8% to $487.41 in morning trading.

Apple shares drifted below $500 on Monday, following reports the company had cut orders for certain iPhone parts due to weaker-than-expected demand for the latest version of the popular smartphone.

The selling continued Tuesday after analysts at Nomura Securities lowered their earnings estimates for Apple and warned that profit margins on the iPhone "are unsustainably high and will fall."

"We are cutting our Apple estimates this morning to reflect weaker-than-expected sales of the iPhone 5 as indicated by our checks," Nomura analysts wrote in a report.

Read Full Article from CNNMoney

- Posted: 2013-01-15 13:02:14

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