Sunday, April 19th19.4°C
25841

Apple shares drop

Apple's stock slipped below $500 for the first time in 11 months on Monday as investors reacted to reports signalling the company's latest iPhone is falling further behind a slew of sleek alternatives running Google's Android software.

The latest indication that Apple, the world's most valuable company, is seeing sluggish demand for its iPhone 5 emerged in separate stories published Monday in the Japanese newspaper Nikkei and The Wall Street Journal. Both publications cited unnamed people familiar with the situation saying Apple has dramatically reduced its orders for the parts needed to build the newest iPhone because the device isn't selling as well as the company hoped.

The adjustment means Apple will buy about half as many display screens for the iPhone as management originally planned for the opening three months of the year, according to the newspapers.

Apple Inc., which is based in Cupertino, Calif., declined to comment Monday. Spokeswoman Natalie Kerris said Apple executives would share their views on market conditions Jan. 23 when the company is scheduled to release its financial results for the final three months of 2011. The period covers the first full quarter that the iPhone 5 was on sale.

Although Apple hailed the iPhone 5 as the best version yet of a product that has revolutionized the telecommunications and computing industry, the company's stock has wilted since the device hit the market.

After peaking at $705.07 on the day of the iPhone 5's Sept. 21 release, Apple's stock has plunged nearly 30 per cent. The shares fell $18.55, or 3.6 per cent, to close Monday's regular trading at $501.75, dragging the company's market value nearly $190 billion below where it stood in late September. The stock traded at $498.51 earlier in the day, its lowest price since February.

The Canadian Press


Read more Business News

25538


Recent Trending




Today's Market
S&P TSX15360.55-26.22
S&P CDNX702.85-2.74
DJIA17826.30-279.47
Nasdaq4931.81-75.98
S&P 5002081.18-23.81
CDN Dollar0.8198+0.0016
Gold1202.90+6.10
Oil55.74-0.57
Lumber248.00-9.80
Natural Gas2.634-0.043

 
Okanagan Companies
Pacific Safety0.12+0.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.01
Cantex0.035+0.005
Anavex Life Sciences0.33+0.02
Metalex Ventures0.075+0.030
Russel Metals27.48-0.23
Copper Mountain Mining1.13+0.01
Colorado Resources0.10-0.00
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation1.80+0.15

 



24200

FEATURED Property
21700502677 Westside Road
3 bedrooms 5 baths
$4,495,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25221




Member of BC Press Council


25692