Apple declined 3.6 percent, to $501.75, its lowest price in 11 months, after a report that production of the iPhone was cut on weak demand.
Apple reportedly ordered about half the 65 million iPhone 5 displays it originally targeted for this quarter.
Meanwhile, shares of Research In Motion, the maker of the BlackBerry smartphone, traded at its highest level in almost a year amid signs that demand for the iPhone is ebbing. RIM’s stock rose 10.3 percent to $14.95.