Supplier woes stir Apple demand fears, stock drops below US$400

Apple’s shares fell below US$400 on Wednesday for the first time since December 2011 after a chip supplier’s disappointing revenue forecast fanned fears about weakening demand for the iPhone and iPad as competition intensifies.

The stock dropped below US$400 briefly before bouncing back to end 5.5 per cent lower at US$402.80, losing more than US$22 billion (HK$170.77 billion) of market value in a single day.

via Business feed http://www.scmp.com/business/companies/article/1217280/supplier-woes-stir-apple-demand-fears-stock-drops-below-us400