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Apple shares down 3% on iPhone cutbacks rumors

Apple Inc. (NASDAQ: AAPL) shares are down 3% today -- according to TheStreet.com and Theflyonthewall.com, a Miller Tabak & Co. note cites speculation from Goldman Sachs traders that Apple will cut production of the iPhone and/or the iPod. Keep in mind this is unconfirmed chatter despite specific numbers given of reducing iPhone production from "9 million units to 4.5 million units."

Apple, which has just announced
its iTunes Store has sold more than 3 billion songs since its debut in 2003, has not commented yet, not that anyone expected it would. If there's any truth to this, Apple will come out with a well-timed official announcement. Otherwise, the news would dissipate.

TheStreet.com doesn't stop there, adding that it has reported that iPhone demand has been less than anticipated: "People familiar with the company said at the time that Apple were prepared to sell out the 1 million phones it had ready for its weekend debut." But Apple, as you recall, had sold just 270,000 by June 30. Right now, all anyone can do is wait and see if this "unconfirmed chatter" has legs.

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Last updated: December 03, 2008: 01:27 AM

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