Apple Inc. fell after Japan’s Nikkei Asian Review reported the U.S. company would reduce the output of its latest iPhones by about 30 percent in the first quarter of 2016. Shares of the world’s most valuable company dropped 2.8 percent to $102.42 at 12:17 p.m. in New York. They declined 4.6 percent in 2016.
Apple had initially told parts suppliers to keep production of the iPhone 6s and 6s Plus models for the January-March period at the same level as for their predecessors iPhone 6 and 6 Plus a year earlier, the Nikkei reported. But inventories of the the new models, which debuted in September, have piled up at retailers in developed markets like China and Europe amid lackluster sales while an increase in the dollar against emerging markets currencies has made the phone more expensive in those countries, the magazine said. FULL REPORT
