Apple shares fell on Sept. 28, after the company dropped its plans to increase production of its new iPhone 14 this year due to suddenly reduced demand.
According to an article in Bloomberg the day before, Apple executives admitted that the electronics giant had overestimated consumer demand for its new iPhone 14 model this holiday season.
Apple shares initially fell on the news, but it partially recovered by the end of trading, only falling 1.92 percent to $149.84.
Total share loss this year is at 18 percent, compared with a 23 percent drop in the S&P 500 Index.
Apple had recently unveiled the new iPhone 14 and its accessories at a Sept. 7 launch event to much hype….