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%.

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.