Apple stock is down 3% today on the back of the rumours that the company is reducing its production levels of the iPhone.

Following news that the iPhone is now available on 24-hours shipping from the Apple.com online store, analysts are beginning to mutter about the shine going off Apple's mobile phone.

The exact line behind the latest rumour is that Apple is reducing production of iPhones from "9 million units to 4.5 million units".

This is according to a note from trading firm Miller Tabak & Co. The note attributes this knowledge to "talk among traders at Goldman Sachs".

>> Via - TheStreet