Apple Stock Price Down 10 Percent Since iPhone 5 Release, iPad Mini Rumors Continue

By Eileen Elliott

Oct 09, 2012 11:55 AM EDT

Apple shares are back to where they were before the iPhone 5 release, dropping 10 percent since the iPhone 5 went on sale on Sept. 21, with an intraday high of  $707.07, reported Yahoo Finance today. The site added, "That's 4 percent below its 50-day moving average of $658."

Meanwhile, Apple has yet to confirm the existence of the iPad mini tablet, rumored to be a smaller, more affordable iteration of its highly successful iPad that can compete with the Nook and Kindle Fire.

Rumors are that the tablet will be unveiled later this month.

The Wall Street Journal has reported that Asian component suppliers have received orders to make as many as 10 million units of the mini, and more "leaked photos" have just been posted online, as reported by PC Magazine today.

"It's really tough for Apple to keep things secret because, number one, they make most of the stuff over in China and soon in Brazil as well, and there can be leaks, significant leaks," Jon Najarian, co-founder of OptionMonster.com,  told Yahoo Finance.

Apple remains one of the year's top-performing tech stocks despite this recent drop.

According to research by Bespoke Investment Group, as reported to Yahoo Finance, this might be a good time to get in. Looking back at the last time Apple traded below its 50-day moving average for 49 trading days, following at least one month of being above the 50-day average, Bespoke found an increase of 1.92 percent the following week; 1.84 percent the week after that; and 9.29 percent over three months.

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