Apple Drops Below $500 for First Time Since February

Monday, December 17, 2012 10:45
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 Apple Drops Below $500 for First Time Since February

Apple Inc. shares dropped below $500 for the first time since February after Citigroup Inc. reduced its rating for the stock on concern that demand for the iPhone 5 is slowing.

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The company’s Asian suppliers have been reporting cuts in orders, which raises questions about the iPhone 5’s strength, Citigroup said in a note. The bank reduced Apple to neutral from buy and cut its price target to $575 from $675, according to Bloomberg

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