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Apple Stock Drops 3% On iPhone Sales Slump

By National Confidential

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Published 14 January 2013 10:19 am EST Updated 14 January 2013 10:19 am EST

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Apple’s stock has dropped 3% today, on news that iPhone sales have dropped.

An hour after the market opened, Apple’s stock was down over $17 to $503. At one point in early trading, Apple stock had fallen below $500.

A Wall Street Journal report said that Apple has cut orders from suppliers in reaction to slower than expected iPhone 5 sales.

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