Apple Shares Slump On Nikkei Report Of Reduced IPhone Production

By Markets MarketWatch Pulse

Apple Inc. shares reversed sharply to trade lower in early afternoon trade Friday, after Nikkei reported that the company will continue its reduced production of the iPhone in the April to June quarter in response to weak sales. The Japanese news service cited unnamed parts suppliers who had been notified of the plan. Apple stock has gained 5% in the year so far, while the Dow Jones Industrial Average is up about 2%.

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