Apple Falls as UBS Projects Growth Slowdown: San Francisco Mover
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Apple Inc. fell to the lowest price in almost ten months after Steven Milunovich, an analyst at UBS AG, cut his price estimate to $700 from $780, citing concern that growth may slow for the iPhone and iPad.
Apple dropped 3.8 percent to $509.79 at the close in New York, its lowest since Feb. 17. Shares of Cupertino, California-based Apple have lost 27 percent since hitting an intraday record high of $705.07 on Sept. 21.