Apple Shares Drop Below $500 for First Time Since February

Apple rating reduced by Citigroup

Apple Inc. shares dropped below $500 for the first time since February after Citigroup Inc. reduced its rating for the stock on concern that demand for the iPhone 5 is slowing.

Apple fell to $499 at 6:55 a.m. New York time in premarket trading after declining 3.8 percent to $509.79 in Nasdaq Stock Market trading on Dec. 14. The Cupertino, California-based company’s stock has lost 27 percent from a closing peak of $702.10 on Sept. 19.

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