FutureFive NZ - Apple stock slumps to 52-week low

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Apple stock slumps to 52-week low

Apple stock has plummeted to a 52 week-low, dropping below US$400 a share for the first time in a year.

The Cupertino firm, once a Wall Street favourite, is suffering due to a weakened forecast for the year from one of its key suppliers.

Shares fell to $398.11 this week, beating a previous slump of $411 as Cirrus Logic issued a statement says it expected a 10% drop in gross margin.

With the company making iPhone and iPad parts, investors have put two and two together, believing the drop in margin is down to weakened Apple demand.

Yet while demand may be weakening, reports this week of a Foxconn recruitment drive would suggest otherwise.

The Apple manufacturer is believed to be preparing for the launch of the new iPhone later this year, so depending which way you read into it, demand is either growing or declining. Weird ay?

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