Even the rumor that Apple is planning to ship more than 10 million iPad Minis this quarter wasn’t enough to stop the stock’s decline.
Apple stock fell below $640 in early trading Monday to as low as $636.66 a share, pushing the company’s market cap below $600 billion for the first time in nearly two months.
That represents a decline of more than $50 billion in the company’s market value over the past three weeks.
The company’s stock broke $700 a share in mid-September on the hype for the iPhone 5, but has been on decline in recent weeks as analysts cut their iPhone sales estimates due to concerns about supply constraints.
More recently, Apple’s stock has been negatively impacted by reports that workers at Foxconn went on strike, potentially limiting the supply of the latest iPhone even more.
Apple is still the most valuable company in the world by far.
Exxon Mobil, the next most valuable company, currently has a market cap of $426 billion.
Microsoft, the second most valuable tech company, has a market cap of just under $250 billion.
As of publication, Apple’s stock was trading at just below $640 a share, a decline of 2% on the day, giving the company a market cap of $599 billion.