Apple shares fall into bear market again after report of slashed iPhone production orders

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The tech giant’s stock has been under pressured lately. It re-entered a bear market on Monday, down 20.4 percent from an all-time high that brought its market cap to more than $1 trillion. Lumentum, a supplier of laser technology used in Apple’s FaceID, cut its outlook citing a reduced shipment from a major customer.

Several analysts — including those at Guggenheim and UBS — have downgraded the stock recently or lowered their 12-month price targets on Apple amid fears that iPhone sales will slow down moving forward.

Apple did not immediately respond to CNBC’s request for comment.

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