Apple’s once-mighty stock continues to crumble, sinks below $500

Fueled by concerns that iPhone 5 demand has weakened, investors are abandoning Apple, sending the company’s stock under the $500-per-share mark.

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Apple’s shares took a substantial hit yesterday after reports broke that Apple had cut display orders in half for the current quarter, indicating lessening demand. The stock ended yesterday at $501.75, a drop of 3.57 percent. But it looks like investors are still freaking out today.

At the time of this writing, Apple’s stock is down about 2 percent to just under $492. The current price is a far cry from Apple’s 52-week high of $705.07.

Check out Apple’s stock performance from the last year in the chart below:

AAPL data by YCharts

Tim Cook photo via VentureBeat