Apple shares drop to near two-year low

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Shares of Apple have fallen below $90 (£62) for the first time in nearly two years amid investors' concerns about slumping sales of iPhones.

On Thursday, a report citing a source within Apple said suppliers in Taiwan should expect fewer orders.

The pace of iPhone sales has slowed, particularly in Asia, and there are no major new product releases scheduled.

The tech giant is vying with Google's parent firm, Alphabet, for the title of the world's most valuable company.

Alphabet claimed the most valuable company spot in February after reporting its 2015 financial results, but had fallen back below Apple in the following weeks.

Shares of Apple have been falling since April after the company's first-quarter earning report showed slowing demand.

"People are getting negative data points about component orders and production forecasts, and the features on the new iPhone do not seem to be a big change from the 6S," said Rosenblatt Securities analyst Jun Zhang.

Apple's stock price fell 3.3% to $89.47 during afternoon trading, leaving its market valuation at $494bn. However, it later recovered slightly, closing 2.4% down at $90.34.

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