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Apple Drops to 11-Month Low on Reports of IPhone Cutbacks

Apple Inc. declined to the lowest price in 11 months after the Nikkei newswire reported that production of the iPhone was cut on weak demand.

Apple ordered about half the 65 million iPhone 5 displays it originally targeted for this quarter, Nikkei said, citing an unnamed executive at a component maker. Manufacturing curbs have been widely known since December, according to Steven Milunovich and Mark Moskowitz, analysts at UBS AG and JPMorgan Chase & Co., respectively.