Apple Stock Falls Back Below $400

So much for staging a comeback.

Apple's stock fell back below $400 a share in early trading Monday, a decline of more than 3% on the day.

The stock last in mid-April — the first time it had fallen into the $300-range since December 2011. However, the stock rebounded above $450 in early May, in part based on optimism for Apple's big worldwide developers conference in June as well as the announcement of a massive share buyback plan

The stock has gradually ticked back down in the two weeks since its developers conference. On Monday, investors appeared to be spooked by a note over the weekend from Jefferies analyst Peter Misek which reported that Apple will produce fewer iPhones than expected later this year.

Apple stock hit an intraday trading high of $705 a share in late September after the iPhone 5 was released, but has since lost nearly half its value due to a combination of supply concerns, increased competition, executive shakeups and the perception among some investors that Apple doesn't have another breakthrough product up its sleeve.

AAPL data by YCharts