Shares of Apple are (again) under pressure as Financial Times issued a report Wednesday that Foxconn, the world's largest contract manufacturer that assembles iPhones and other products for Apple and other tech giants, is putting a freeze on recruitment in China as it slows production of the iPhone 5.
It wasn't clear whether Foxconn winding down iPhone manufacturing means that Apple is getting ready to produce a next-gen iPhone or that iPhone 5 demand is falling amid fierce competition in the smartphone market, but investors are already punishing the stock which fell in pre-market trading to under $460, even with a Foxconn spokesperson clarifying that the decision wasn’t related to iPhone 5 production as more employees returned from the Chinese New Year break than a year earlier...