Market shares of Apple dropped down below $500

Does the magic of Apple fade off? On September, market shares for the tech giant hit a record low just below $500 for the very first time since the month of February. The shares specifically are for iPhone and iPad units, which on the first half of September hit at $702.10. The drop was at 27 percent.

After Citigroup has lessened its stock rating, Apple dropped off to $499 in New York’s pre-market trading. This, primarily concerns the demand for the newest iPhone 5 to be slowing down.

According to Bloomberg, reporting a statement from Citigroup, the Asian suppliers of the Cupertino-based company have been stating order cuts. This in return has raised queries regarding the market strength of iPhone 5.

Apple’s ‘buy’ rate was reduced to ‘neutral’ by the bank. Also, it has cut down its price target down to $575 from the price of $675. The shares of the company are leading on to its third consecutive monthly drop with rival tech giants such as Nokia and Samsung.