Apple shares had dipped in early trading on Tuesday after a report on the firm planning to cut production of the iPhone was leaked out by an analyst.
The Washington Post reports that Brian Blair of Wedge Partners said that Apple had cut smart phone productions by 20 percent.
Blair said that the decision is in reaction to the overall slowdown of the premium smart phone market, report added.
According to the report, Apple shares opened at 413.60 dollars per share but dipped to 410 .38 dollars within half-an-hour of the market opening.