Apple shares approach $100 on reports of production cut

2.5% fall overnight

Reports of a cut in the production of its latest handset left Apple shares down 2.5% overnight, with the share price trading down at $102.7.

Production of the new iPhone is expected to be cut by about 30% during the first quarter to allow firms to process existing inventory, according to the Nikkei Asia Review. Production is then expected to return to normal in April-June. The news caused investors to sell their holdings, sending shares down another 2.5% in an extension of the stock's losses. Since last April shares have lost 25% of their value, falling from $132. Is it the beginning of the end for Apple's strong run? Following the latest falls shares in Apple are approaching $100, a value below which they have not trad...