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Follow Reuters Facebook Twitter RSS YouTube Read Obama, buoyed by election win, faces new battles | 3:27pm EST Colorado, Washington first states to legalize recreational pot 4:43am EST Election over but final Florida results still not in 6:19am EST Analysis: Victory puts Obama in position to expand government's reach 3:41am EST Sell-off puts S&P on track for biggest drop since June | 3:05pm EST Discussed 194 Jobless rate seen rising, offering Obama no relief 170 Fuel scarce, East Coast struggles to recover 123 White House race goes down to the wire Sponsored Links Apple shares slide to five-month low, competition grows Tweet Share this Email Print Related News Exclusive - Amazon to win EU e-book pricing tussle with Apple Tue, Nov 6 2012 Apple iPad mini draws New Yorkers; crowds thin elsewhere Fri, Nov 2 2012 First iPad mini teardown reveals Samsung display Thu, Nov 1 2012 Apple's Cook fields his A-team before a wary Wall Street Wed, Oct 31 2012 Tech CEOs trade barbs, warm up for holiday tablet wars Fri, Oct 26 2012 Analysis & Opinion How Apple botched its fair rate case against Motorola Apple means (almost) never having to say sorry Related Topics Investing Simplified » Tech » Hot Stocks » Asian Markets » iPad » The Apple logo hangs in a glass enclosure above the 5th Ave Apple Store in New York, September 20, 2012. Apple's iPhone 5 goes on sale tomorrow. Credit: Reuters/Lucas Jackson By Poornima Gupta SAN FRANCISCO | Wed Nov 7, 2012 2:55pm EST SAN FRANCISCO (Reuters) - Shares of Apple Inc slid more than 4 percent on Wednesday to a five-month low as investors grew more uncertain about its ability to fend off unprecedented competition and untangle a snarled iPhone 5 supply chain. Apple's slide was steeper than the S&P 500's drop of about 2 percent the day after the U.S. election, putting the world's most valuable technology company into bearish territory. Apple, long a mainstay of many fund portfolios, has lost 20 percent -- $130 billion of its market value -- since hitting a record high in September. A 20 percent slump signals a bear market in a stock to Wall Street. Fund managers cited fundamental concerns about its supply chain and intensifying competition from resurgent rivals such as Samsung Electronics and Amazon.com Inc, as well as profit-taking after the elections. Global shares fell with investors worried that the deep fiscal challenge facing President Barack Obama after his re-election could lead to a new recession. Apple's has maintained a torrid pace of growth in recent years thanks to a run of successful iPhones and iPads. But many investors question whether it can keep innovating and keep ahead of ever-more aggressive competition under new management, installed after the death of its chief inspiration Steve Jobs. "For now, everything has been refreshed and all the new products are out," Tim Ghriskey, Chief Investment Officer of Solaris Asset Management said."Then there are questions about whether margins have peaked at this company." Last month, Apple said it expects its industry-leading margins to shrink this quarter as new products -- particularly the iPhone 5 that accounts for about half its revenue -- have become more expensive to build. Chairman Terry Gou of Taiwan's Foxconn Technology Group, Apple's main contract manufacturer, said on Wednesday the company was "falling short of meeting the huge demand" for the phone. PUTTING SOME THOUGHT INTO IT Apple shares hit a low of $556.04 on Wednesday, before trading down 3.5 percent at $559.90 in the afternoon. Analysts said the company remains a solid long-term bet. But near-term uncertainty persists after CEO Tim Cook ousted veteran mobile software chief Scott Forstall -- a protege of Jobs' and one of the company's most valuable assets, and as results in the latest quarter were short of expectations. Apple faces fiercer competition during the crucial holiday season as rivals such as Samsung, Google and Amazon challenge its supremacy in smartphones and tablets. Microsoft's Surface also marks the first time the software giant is gunning for Apple on hardware, its forte. Apple's tablet market share slid to 50 percent during the third quarter, while arch-foe Samsung more than doubled its share to 18.4 percent, according to research firm IDC. This week, a jury asked Apple to pay $368 million to Internet security software maker VirnetX Holding Corp for infringement of patents. Fund managers say investors may stop using Apple as a safe haven to park cash in a volatile market, lured to a stock that has more than doubled in two years. The American Funds Growth Fund of America was among the biggest mutual-fund sellers of Apple, dumping 2.74 million shares or 35 percent of its holdings in the third quarter. However, among the biggest mutual-fund buyers in the third quarter -- when the shares peaked -- ING's Large Cap Growth Portfolio more than doubled its holdings to over 515,000 shares as of Sept 30. The Columbia Value and Restructuring Fund doubled its slice of Apple over the same period to 225,530 shares. The single biggest mutual-fund-holder of Apple stock as of the end of Sept 2012 was the Fidelity Contrafund with 12.4 million shares, according to Thomson Reuters data. "There actually has to be some investment thought now, than just putting it (money) in Apple just because you don't know where else to put it," said Michael Yoshikami, founder and CEO of Destination Wealth Management. "Because of the uncertainty, you have to have a reason to own it." (Editing by Edwin Chan, Bernadette Baum and David Gregorio) Investing Simplified Tech Hot Stocks Asian Markets iPad Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (3) deasys wrote: Edition: U.S. Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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