Apple Inc. dropped below $400 for the first time since December 2011 after one of its audio-chip suppliers, Cirrus Logic Inc., reported an inventory glut that suggests iPhone sales may fall short of analysts’ expectations.
A band of Apple Inc.’s most bullish fans on Wall Street are growing increasingly bearish over concerns that holiday iPhone sales have been weak and that the company needs new breakthrough products to fend off rivals Google Inc. and Samsung Electronics Co.
Dan Kowalyshyn figures he owes about $200,000 more than what his four-bedroom house is worth today. It faces a cul-de-sac where three of the six homes have been lost to foreclosure since his $570,000 purchase in 2006.
As iPhone fans await the release of a new model, they are delaying purchases and may cause Apple Inc., the world’s largest company by market value, to post its slowest sales and profit growth in more than two years.