Apple Recap: iPhone 5 Cuts, Gloomy EPS Predictions, Some Damage Repair

Apple (NASDAQ:AAPL) started this week on the worst possible note, dropping below $500 during premarket trading on Monday after several news reports said the company had cut back on orders of iPhone 5 components because sales of the device had been below expectations this quarter. It improved a little as the day went on, but still suffered pretty badly by closing 3.57 percent down at $501.75, its lowest level since February 15, 2012. Here is a cheat sheet to the day’s main stories for the company:

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iPhone 5 Flop Show?

The Nikkei newswire as well as The Wall Street Journal said Apple had cut productions orders for LCD screens at Japan Display, Sharp, and LG Display (NYSE:LPL) by half from an initial total of 65 million for the January to March quarter. Orders for other iPhone components, including processors, had also been cut, the reports added, because sales of the iPhone 5, which was released in September, have reportedly not been as strong as Apple had anticipated…