No longer hot like Apple pie: shares hit 18 month low
Tech giant Apple has lost its title as the world's most valuable publicly traded company after the firm's shares fell below 400 dollars for the first time in a year and half.
The stock was down 21.89 dollars, or 5.1 percent, at 404.35 dollars, after a supplier hinted at a slowdown in iPhone and iPad production.
Earlier in the day, it hit 398.11 dollars, the lowest level since December 2011, Fox News reports.
The iPhone maker lost its position as the world's most valuable publicly traded company to Exxon Mobil Corp, which has a market capitalization a few billion dollars above Apple's 380 dollars billion price tag.
According to the report, analyst Peter Misek at Jefferies and Co. said the 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 in the quarter rather than early.
- The 'ironic' struggle for Turkey's internet freedom
- Forget the iphone 6 for a second and pay attention to Apple and the 'smartwatch revolution'
- A piece of cake? Egypt's 'baseeta' e-service for completing government documents gains popularity despite legality concerns
- When will the iphone 6 come to the Middle East?
- Filters vs. proxies: the tug of war between Iranian authorities and online browsers
- Investors tell Apple not to gloat after Samsung legal win
- Less is more! 7-inch iPad Mini sells dearly on UAE's grey market
- Apple expected to unveil iPad 3 in March 7 event
- Keeping the flame alive: Apple investing heavily in 'next generation' of products
- All night long: hundreds wait in line for Istanbul's first Apple Store