Shares of Apple stock dipped below $500 in early trading Monday morning, as investors reacted to new reports claiming the company had made significant cuts to iPhone 5 orders.

From Apple Insider:

AAPL shares were down nearly 4 percent before the market opened, a hit that came after both The Wall Street Journal and Nikkei issued reports claiming that Apple had slashed iPhone 5 component orders due to weak demand. The company is said to have cut "roughly half" of its orders for the 4-inch display on its latest smartphone, and also initiated a drawdown on other components in the current quarter, which concludes in March.

The news comes just over a week before Apple is set to announce earnings for its recently concluded December quarter. Apple's sales during the holiday season are expected to be record setting, particularly for the iPhone, which some believe may have reached sales of 50 million.

Rumors of reduced iPhone 5 orders briefly send Apple shares below $500