Apple stock hits 10-month low

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Shares of Apple (AAPL) sank as low as $507.66 during Friday morning’s trading session, hitting their lowest point since early February. A report from UBS suggesting Apple’s dominant iPhone line may have peaked triggered an early morning dive, and Jefferies & Company analyst Peter Misek followed up with a troubling report suggesting Apple recently cut component orders with its Asian suppliers. UBS trimmed its 12-month price target on Apple shares to $700 from $780, and Misek cut his fourth calendar quarter margin estimates by one point to 39%.

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