Apple Inc. shares dropped below $500 for the first time sinceFebruary after Citigroup Inc. reduced its rating for the stock onconcern that demand for the iPhone 5 is slowing.
Apple fell to $499 at 6:55 a.m. New York time in premarkettrading after declining 3.8 percent to $509.79 in Nasdaq StockMarket trading on Dec. 14. The Cupertino, California-basedcompany's stock has lost 27 percent from a closing peak of $702.10on Sept. 19.
The company's Asian suppliers have been reporting cuts inorders, which raises questions about the iPhone 5's strength,Citigroup said in a note. The bank reduced Apple to neutral frombuy and cut its price target to $575 from $675. Apple's shares areheading toward their third monthly drop as the company facescompetition from Samsung Electronics Co. and Nokia Oyj and hadtrouble meeting initial demand for the iPhone 5.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
