Apple's stock is getting thumped again this morning.
It's starting the trading day under $500, falling .81% to $497.71 as of this writing.
Apple is still reeling from the report that it slashed iPhone parts orders because of weak demand.
This morning, Shaw Wu at Sterne Agee said the real reason for the supply cuts is: "(1) much improved yields meaning lower component builds and (2) supplier shifts."
The market isn't buying that explanation.
It seems to be listening to Nomura's Stuart Jeffrey and Woo Jin Ho who cut their price target to $530 on weak iPhone demand.
More From Business Insider
- Nikkei: Apple Cut Its iPhone Supply Orders In Half
- Apple Is Working On A Plastic, See-Through iPhone, Says DigiTimes
- WSJ: Demand For The iPhone Is Weak And Apple's Cutting Orders
- Technology & Electronics
- Handheld & Connected Devices