Apple shares (NASDAQ:AAPL) are currently trading down at $398.11, 6.6 percent below yesterday’s closing price of $426.24. It represents a stark downturn for the stock as well as a 16-month low. Earnings could be to blame as they are coming soon and investors are not sure what to expect.
Overall, NASDAQ is down 1.11 percent right now. Reuters reports that Apple supplier Cirrus Logic announced disappointing revenue forecast, well below Wall Street’s expectations — the company manufactures analog and audio chips for iOS devices. That’s why some analysts predict weaker sales of Apple devices during Q2 2013.
While Cirrus Logic’s warning could justify today’s drop, it shouldn’t create such a hard hit. Now with a share price just below $400, Apple shares have disappointed many investors since the iPhone 5 launch. Apple won’t break the $700 barrier again any time soon.
AAPL still suffers from a lot…
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