Apple shares are falling on news that the recently launched iPhone 14 is in weaker-than-expected demand.
At 11:30 a.m. eastern US (8:30 a.m. western time), Apple stock fell 3.27% ($4.96) from the previous day at $146.79 ($211,377).
Although it is midday, the 3% drop in the price of the largest company by market cap is relatively large.
At the beginning of the session, it was down close to 5%.
Apple's share price decline is in stark contrast to the tech-focused Nasdaq index, which is up more than 1% from the previous day.
It is also the opposite of other big tech stocks.
At the same time, Amazon is up 1.92% and Tesla is up 0.22%, respectively, and Meta and Google are up 3.76% and 1.89%, respectively.
The decline appears to be due to the news that Apple's iPhone 14 production plan was withdrawn as demand for the iPhone 14, a new smartphone, was unexpectedly sluggish.
According to Bloomberg News on the same day, citing a source who requested anonymity, Apple has notified parts suppliers of the cancellation of parts production plans to produce an additional 6 million iPhone 14 products in the second half of this year.
This is due to lower-than-expected iPhone 14 demand.
However, Apple has decided to maintain its target of producing 90 million iPhones, the same level as last year.
In addition, given that the demand for the expensive iPhone 14 Pro model is stronger than that of the base model, some suppliers have changed the production line for the base model parts to the pro model, the source said.
(Photo = Getty Images Korea)