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Apple's stock fell 2.2% to $102.97 per share on Tuesday. It has already erased about 25% of its value from its record high-levels in April. Apple's already underperforming stock
plunged on the second trading day of 2016 to nearly $100-levels on the back of a report that said that the company may cut production of its latest iPhones in the first quarter of the year.
Apple's stock price dragged on the S&P 500 and the Nasdaq after a Nikkei report claimed that Apple is expected to cut production of the iPhone 6 and the iPhone 6S by up to 30% for
the January to March quarter to give retailes a chance to get rid of existing inventory that has piled up since the phone was first launched in September 2015. On the news, the
company's stock fell 2.2% to $102.97 per share. Apple's stock has already erased about 25% of its value from its record high-levels in April. Apple dragged Wall Street lower on
Tuesday, cutting short a feeble recovery from a bruising sell-off on the first trading day of the year. Reacting to the report, the stock became the biggest drag on the S&P 500 and the
Nasdaq on Tuesday.
