The stock is down $18.48, or 4.3 percent, at $407.76. The shares hit $403.67 earlier, the lowest level since Dec. 2011.
Late Tuesday, Cirrus Logic Inc., which supplies audio chips for the iPhone and iPad, said sales of a particular chip are slowing down as a customer moves to a newer component.
Analyst Peter Misek at Jefferies & Co. said Cirrus' news suggests a big decline in Apple sales in the April to June period. That supports his view that Apple is unlikely to launch a new iPad Mini in the quarter, and that the next version of the full-size iPad may launch late.
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