Apple Stock Drops Three Percent on iPhone Cutback
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The shine is quickly coming off Apple’s iPhone. Apple shares took a 3% dip Tuesday amid speculation about a cut in production of the trendy iPod-inspired phone.
The chatter that sent the stock down was that Apple was reducing its production of iPhones from “9 million units to 4.5 million units,” according to a note from Miller Tabak & Co. The note cites talk among traders at Goldman Sachs and also includes speculation that the cuts may be coming in iPod production.
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