Apple Stock Falls Below $400 For First Time Since December 2011

Apple's stock collapsed below $400 during midday trading Wednesday, a decline of more than 6% on the day and the first time that the stock has fallen below that milestone since December 2011.

The stock was hit by multiple pieces of bad news on Wednesday. Cirrus Logic, one of Apple's suppliers for the iPhone and iPad, reported a lower-than-expected revenue forecast, which investors took to be a sign of weaker demand for Apple's products. Peter Misek, an analyst with Jefferies, reported hearing that Apple is having production issues that could delay its next iPhone models and Digitimes, a publication with a mixed track record on rumors, reported hearing from supply chain sources that iPad Mini shipments are expected to decline by as much as 30% in the second quarter of this year Read more...