Apple shares drop to below $400

<p>Apple shares are trading below $400 for the first time in over a year.</p>

The share price of Apple has fallen to below $400 (£262) for the first time since December 2011 on the back of the news that Cirrus Logic reported a decline in sales.

It was therefore hinted by the company, which makes sound components for the iPhone and iPad, that Apple could be set to reveal disappointing sales figures.

Michael Yoshikami, a portfolio manager at Destination Wealth Management, stated investors believe Apple is "not going to surprise on upside" after the release of the Cirrus data.

There are also concerns Apple's sales could be down later in the year, as the release of the next iPhone is not expected to be until September.

Shannon Cross of Cross Research told BBC News: "There's not a lot of conviction about what the second half is going to look like."

At the end of yesterday's (April 17th) trading on the Nasdaq exchanges, shares in Apple had rebounded slightly and were selling for 402.80.

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