Apple shares hit lowest level since 2011
Shares of Apple Inc. hit their lowest level in more than a year Wednesday after one of the company's parts suppliers hinted there will be a slowdown in the number of iPad and iPhones they are able to produce.
The stock closed down $23, or more than five per cent, to just under $403 on the Nasdaq. Earlier, they had fallen below $400, the lowest level since Dec. 2011.
Apple shares were briefly worth more than $700 each in late 2012 when the company launched the latest version of its iPhone.
Late Tuesday, Cirrus Logic Inc., which supplies audio chips for the iPhone and iPad, said sales of a particular chip are slowing down as a customer moves to a newer component.
Analyst Peter Misek at Jefferies & Co. said many believe this customer is Apple. He said Cirrus' news suggests a big decline in Apple sales in the April to June period.
Misek said that supports his belief that the company probably isn't close to launching a new version of the iPad mini in the quarter, or that the next version of the iPad is behind schedule.