Apple’s Stock Plummets On iPhone Production Cut
07.31.07 - 10:36am
Apple for the longest time has been able to do no wrong and shares have soared from highs in the $80’s just six months ago to highs in the $150’s just one week ago.
Today however is telling a different story and Apple stock is plummeting. Why? Talk that Apple’s super hyped iPhone just got a cut in production from the original 9 million to 4.5 million, according to a note from Miller Tabak & Co.
That is not the only bad news for Apple - there has also been speculation among traders at Goldmand Sachs that the iPod will be seeing cuts in production as well.
Apple has declined to comment on the matter so far.
Apple’s stock is currently down 4.8 percent to $136.63 and falling.
