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Apple Stock Falls To One-Year Low On Supplier News

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File photo of the Apple logo (Photo credit:  LEON NEAL/AFP/Getty Images)

File photo of the Apple logo (Photo credit: LEON NEAL/AFP/Getty Images)

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NEW YORK (AP) — Shares of Apple Inc. are setting a one-year low after news from a supplier hinted at a slowdown in iPhone and iPad production.

The stock is down $18.48, or 4.3 percent, at $407.76. The shares hit $403.67 earlier, the lowest level since Dec. 2011.

Late Tuesday, Cirrus Logic Inc., which supplies audio chips for the iPhone and iPad, said sales of a particular chip are slowing down as a customer moves to a newer component.

Analyst Peter Misek at Jefferies & Co. said Cirrus’ news suggests a big decline in Apple sales in the April to June period. That supports his view that Apple is unlikely to launch a new iPad Mini in the quarter, and that the next version of the full-size iPad may launch late.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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