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Apple stock drop lingers following iPhone parts reports Shares of Apple stayed down today following a drop that sent the stock down below $500 for the first time since February.The stock ended the day at $501.75, down $18.55 or 3.57 percent.The cause for the initial drop came from a pair of stories yesterday -- one from Japan's Nikkei and another later in the day from The Wall Street Journal -- claiming Apple cut its component orders for the iPhone by nearly halflast month. The suggestion from both was that demand for Apple's iPhone 5 had declined, causing Apple to slow down on manufacturing orders for more devices. Some analysts were quick to reassure investors that the reports were simply more "noise" and, in fact, old news. "We believe this news is not new, as we first discussed potential supply chain component cuts in our report on December 19," JP Morgan analyst Mark Moskowitz said in a note this morning. "We believe the news is more noise, and we believe the stock reaction has been overdone," he added.Apple reports its fiscal first-quarter 2013 results next week, the first full quarter's worth of iPhone 5 sales, a product that went on sale in September. Analysts, on average, expect the company to have sold just under 50 million iPhones in the three-month span that ended in December. However some of that is expected to be sales of the older models like the iPhone 4S and iPhone 4, which Apple continues to sell.Apple stock finishes above $600 for first time At the close of trading on Monday, shares of Apple stood at $601.10, up 2.65 percent in the aftermath of the company's surprise announcement earlier in the day that it would use some of its $100 billion in cash to pay out a quarterly dividend of $2.65 per share sometime in the fourth quarter of its fiscal 2012, which begins on July 1. Last week Apple shares hit $600 for the first time before retreating. Just to put this meteoric stock climb in perspective, this historic move in Apple's share price comes one month after the stock hit $500. Shares were at $403 the day before Christmas.Related storiesApple taps $100B cash pile to pay dividend, buy back stockApple: 3 million iPads sold since launchCNET Review: Apple's new iPad Some of the fuel for this rocket ride was provided by the expectation that CEO Tim Cook would finally bend to the repeated pleading by some big investors to return a portion of the company's gains to investors in the form of dividends. Also, the recent debut of Apple's latest iPad has been little short of phenomenal. After the stock market closed today, the company issued a statement announcing that it had sold 3 million new iPads during its first three days on sale. That number does not include preorders of the device, which went live the day the product was announced.