Apple stock slopes below $500

Apple's stock slipped below $500 for the first time in 11 months as investors reacted to reports signalling the company's latest iPhone is falling further behind alternatives running Google's Android operating system, Al Jazeera reports.

The latest indication that Apple, the world's most valuable company, is seeing sluggish demand for its iPhone 5 emerged in separate stories published Monday in the Japanese newspaper Nikkei and The Wall Street Journal.

Both publications cited unnamed people familiar with the situation saying Apple has dramatically reduced its orders for the parts needed to build the newest iPhone because the device isn't selling as well as the company hoped.

The adjustment means Apple will buy about half as many display screens for the iPhone as management originally planned for the opening three months of the year, according to the newspapers.

Apple Inc., based in Cupertino, California, declined to comment Monday. Natalie Kerris, spokeswoman, said Apple executives would share their views on market conditions January 23 when the company is scheduled to release its financial results for the final three months of 2011. The period covers the first full quarter that the iPhone 5 was on sale.