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News Summary: iPhone worries weigh Apple's stock

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News,Business

LOST LUSTER: Apple's stock slipped below $500 for the first time in 11 months amid escalating worries about customer demand for the iPhone, the company's top-selling product. At the end of Monday's trading, the stock had dropped by nearly 30 percent since peaking at $705.07 in late September.

LATEST CONCERN: Both the Japanese newspaper Nikkei and The Wall Street Journal reported Monday that Apple Inc. has dramatically reduced its orders for iPhone parts because the device isn't selling as well as management hoped.

STAY TUNED: Apple Inc. declined comment Monday, but more details about iPhones sales should emerge Jan. 23 when the company will release its latest quarterly results.

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