Apple's stock price hit new lows today, setting 52-week records and hitting the lowest points seen since late 2011. The price has traded beneath the $400 level several times this afternoon, with AAPL having not traded that low since December 23, 2011.
Today's slide follows a lower-than-expected revenue forecast for Cirrus Logic, a major supplier for chips used in the iPhone and iPad. Traders believe the lower forecast indicates weak Apple sales over the next several quarters.
Apple will announce its second quarter earnings on April 23rd. The earnings release typically occurs just after 4:30 PM Eastern Time following the close of regular stock trading, and the conference call is scheduled to follow at 5:00 PM Eastern / 2:00 PM Pacific.
Article Link: Apple Stock Price Hits Lowest Levels Since 2011, Falls Below $400