Apple Sours

Apple has cut component orders for the four-month-old iPhone 5 because of weaker-than-expected demand, the Wall Street Journal said Monday citing “people familiar with the situation.” It’s unclear if Apple initially over-ordered out of concern for potential shortages or if it is moving to introduce new phones more frequently. The company reportedly informed suppliers of the cuts last month according to Wall Street analysts, many of whom called it “old news.” The Journal’s story, which followed the Nikkei saying the same thing, briefly sent the “world’s most valuable stock” skittering below $500 before it staged a tiny comeback to around $504, down around 17 bucks.

read more