Apple's stock fell to $400 per share, hovering near that level in midday trading Monday following a pair of analyst reports that cast renewed doubts about the company's growth.
Trip Chowdhry, an analyst at Global Equities Research, also said Apple Inc. employees are expressing concern about the company's direction and are leaving to work for rivals such as Google Inc. and Facebook Inc."Lower Stock price is causing Apple to continue to lose employees to Google, LinkedIn. FaceBook and HP," he wrote. "Employee morale at Apple is low."
Peter Misek, an analyst at Jefferies & Co., reported that merchants have increased inventories of iPhones, a sign that sales are slower than expected.
The double whammy of doubts drove the stock down 3.05%, or $12.63, to $400.87 in trading Monday. At one point in the morning, it traded as low as $398.05. The Nasdaq was down 1.17% in midday trading.
The stock's most recent low was $390.53 on April 13. That was before Apple began an aggressive campaign to placate shareholders.
The company announced that it would increase its dividend and stock-buyback programs to $100 billion.
As a result, the stock recovered a bit to climb as high as $463.84 in early May, still far from its peak of $702.10 last September.
However, doubts began to creep back that the company's growth was slowing. Even the recent unveiling of a redesigned iOS 7 for the iPhones and iPads failed to excite investors.
Last week, in another move to appease investors, the company said it had restructured the stock awarded to Chief Executive Tim Cook to include performance metrics that must be met for him to receive the full number of shares.