Apple stock falls below 400 dollars amid iPhone fears
New York - Apple needs a big new hit, and fast.
The company's stock fell more than 6-per-cent Wednesday, falling below 400 dollars for the first time in more than a year as investors acted on concern that sales of the company's iconic iPad and iPhone devices could weaken in the face of stiff competition.
At the close of trading, Apple stock was valued at 398.11 dollars. The last time the stock had fallen below the 400 dollar threshold was in December 2011, and the stock peaked at 705.07 last September around the time the iPhone 5 was launched.
The phone is now facing intense competition from new models from Samsung and others, and the latest sell-off was triggered when a supplier of iPhone components, Cirrus Logic, reported weak earnings and said it was stuck with unsold inventory for a mass product.
Apple reports its quarterly earnings next Tuesday.//DPA
