Iphone, Stocks | featured news

Shares of Apple Inc. hit their lowest levels in a year and half on Wednesday, after a supplier hinted at a slowdown in iPhone and iPad production. The stock was down $20.37, or 4.8 percent, at $405.87. Apple's shares hit $403.67 earlier, the lowest level since Dec. 2011. The decline means Apple has _for now_ lost its position as the world's most valuable publicly traded company to Exxon Mobil Corp.

Shares of Apple moved above $700 for the first time ever Tuesday morning, boosted by a strong reception for the latest version of its popular iPhone.

Blockbuster sales of the iPhone and strong Asian business again helped Apple Inc crush Wall Street's expectations, driving its shares up more than 7 percent to a record high and boosting Asian stocks.

Apple Inc's quarterly results again smashed Wall Street's expectations, fueled by record iPhone and Mac sales, offsetting lower-than-expected sales of its iPad tablet computer.

Apple Inc's shares cruised past $300 for the first time on Wednesday, as investors anticipated another strong earnings report from the iPhone maker next week.