Business

market movers

Apple stock falls to one-year low on supplier news

A Jefferies & Co. analyst said news from chip maker Cirrus Logic suggests a decline in Apple sales in the April-June period.

Reuters/File 2013

A Jefferies & Co. analyst said news from chip maker Cirrus Logic suggests a decline in Apple sales in the April-June period.

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Apple Inc. fell below $400 for the first time since December 2011 after a supplier hinted at a slowdown in iPhone and iPad production. The stock closed at $402.80 but had sunk to $398.11. The decline means Apple has lost its position as the world’s most valuable publicly traded company to Exxon Mobil Corp., which has a market capitalization a few billion dollars above Apple’s $380 billion value.

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