Why Apple Stock Is Falling Today

Shares of Apple (NASDAQ: AAPL) were tumbling today after a Bloomberg report said that the company is walking back plans to boost iPhone production.

This news worried Apple shareholders, sending the tech stock down by 2.9% as of 12:14 p.m. ET. 

Apple had originally told its suppliers to prepare for increased production as it anticipated higher demand for its latest iPhone 14 models. But some of that demand for Apple's entry-level iPhone 14 models never materialized, according to sources speaking to Bloomberg. 

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Source Fool.com