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Apple's share price falls to lowest in nearly a year

Apple, the world\'s most valuable company, became definitively less valuable on Monday after news the global tech giant halved its orders for screens for the iPhone 5.
According to Japan\'s Nikkei news service, Apple had originally ordered 65 million iPhone screens for the 2013 January-to-March quarter from its suppliers which include Japan\'s Sharp Corp. and South Korea\'s LG Display Co.
Apple\'s share price plunged 3.57% to $501.75 -- its lowest point in 11 months -- continuing its slide from September 19 when the company\'s share price hit an all-time high of $702.10. Investors holding 100 shares of the company on that day would have lost more than $20,000 after Monday\'s close of trading.
The reports of Apple\'s cuts for LCD screens, as well as other parts, now have many fearing that demand for the iPhone 5 have been weaker-than-expected, according to people with knowledge of the matter.
Just last month, Jefferies analyst Peter Misek already cut his estimate for iPhone shipment volumes for the first quarter of 2013, saying Apple had to \"balance excess inventory\" by cutting orders to suppliers.
In the global smartphone market, Apple has consistently trailed its biggest rival Samsung of South Korea. Fewer than two in ten smartphones that shipped in the third quarter of 2012 ran on Apple\'s iOS operating software, according to researcher International Data Corporation. In the same quarter, Google\'s Android software, which serves as Samsung\'s operating platform, ran more than seven in ten smartphones around the world.
In the global tablet market, IDC expects Apple will have maintained its number one position in 2012 with a 53.8% market share -- but that is a fall from a 56.3% share in 2011. At the same time, Android\'s market share is predicted to have grown from 39.8% in 2011 to 42.7% for 2012.

Source: CNN

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