Shares of Apple (AAPL) dropped below $90 on Thursday for the first time since 2014 as Wall Street worried about slow demand ahead of the anticipated launch of a new iPhone later this year. A mainstay of many Wall Street portfolios, Apple fell to as low as $89.47 before recovering to $90.34, a 2.35% loss. Component suppliers in Taiwan will receive fewer orders from Apple in the second half of 2016 than in the same period last year, the Nikkei Asia Review reported on Thursday, citing sources. Apple typically launches its high-end phones in September. At its session low, Apple briefly relinquished its position as the world's largest company by market capitalization to Alphabet Inc At current prices, Apple's market value is about $494 billion, while Alphabet's is also about $494 billion. In the past year, Apple's market capitalization has fallen by more than $200 billion - roughly the size of Verizon Communications (VZ) or Wal-Mart Stores (WMT). Suppliers of iPhone components also fell, with Skyworks Solutions (SWKS) off 4.8%, Broadcom (AVGO) down 2.46% and Qorvo (QRVO) declining 1.9%. Confidence in Cupertino, California-based Apple was shaken after it posted its first-ever quarterly decline in iPhone sales and first revenue drop in 13 years in April. Wall Street is worried about demand for Apple's next iPhone. Faced with lackluster sales of smartphones in the United States, Apple has bet on China as a major new growth engine. But progress there has been disappointing. Revenue from China slumped 26% during the March quarter. Apple faces increasing competition from Chinese manufacturers like Xiaomi and Huawei selling phones priced below $200. Last week, Dialog Semiconductor, which sells chips used in iPhones and other smartphones, cut its revenue outlook due to ongoing softness in the smartphone market. The recent sell-off has left Apple trading at about 10 times its expected 12-month earnings, cheap compared with its average of 17.5 over the past 10 years. It also has a dividend yield of about 2.46%. Although valuations looks very attractive, but I don't think it is a good idea to go long AAPL. The company is in long term decline. The only thing that can reverse it is a some new breakthrough product. But without Jobs chances that AAPL manage to do it are very close to zero. From technical point of view we broke a strong resistance @ around $92. So now it is better to sell the rallies. $AAPL, Apple Inc. / 10080