Apple Inc. (AAPL) stock fell to its lowest price since December 2011 today following a report from Cirrus Logic, a producer of chips used in the iPhone and iPad, that it was dealing with an inventory surplus.
Cirrus Logic said one of its customers is moving to a newer component causing the slowdown, The Associated Press reports. It did not specify which customer made the switch, but Apple is reportedly its biggest customer.
Investors took this as a sign that iPhone and iPad sales might have fallen short of expectations. Apple's prices fell about 6%, and t
