On Monday, Citigroup analyst Glen Yeung downgraded Apple to neutral from buy, which is Wall Street-speak for "sell". He reduced his target on the stock to $575 from $675 after supply chain checks showed that Apple was cutting orders which Yeung says raises questions about the strength of the Apple iPhone 5.
Foxconn parent Hon Hai Precision is down 5.5% on Monday to lead the drop in Apple suppliers' stock prices. Apple's shares declined 3.79% on Friday and is poised to open lower on Monday morning on NASDAQ as well. On December 5th, on fears that the Nokia Lumia 920T being offered on China Mobile would replace the Apple iPhone 5 in popularity in China, Apple's shares dropped 6.4% or $35 billion. That was the steepest drop in any U.S. stock since 1988.
Other analysts have said that Apple has lost a step or two. Check out some of those comments below.
Apple "is losing some steam as it’s no longer leading the innovation and the competition is closing in quickly and sometimes are ahead of Apple in hardware specs. We’ve observed some serial iPhone users, people that have used several iPhone models, start switching to Android devices, indicating the company is losing some of its loyal users."Sandy Shen, Gartner
UPDATE: In pre-market trading Monday morning, Apple is below $500 at $499.01 bid-$499.82 offered.