Last Updated Nov 10, 2015 12:04 PM EST
NEW YORK -- Shares of Apple Inc. (AAPL) fell on Tuesday after an analyst said supply chain orders in Asia are weakening and lowered earnings estimates on the stock.
The dip comes two weeks after Apple reported a quarter of record earnings, boosted by surging sales in China. Apple also forecast healthy iPhone sales during the upcoming holidays. It shares had been up 9 percent since the beginning of the year, and hit a 52-week high of $134.54 on April 29.
But according to a Credit Suisse report on Tuesday, Apple has lowered its component orders in Asia by as much as 10 percent.
Analyst Kulbinder Garcha said the cuts seem to be driven by weak demand for the new iPhone 6s.
"In our view, the continued weak supply chain news could weigh on Apple shares for the next few weeks/quarters," Garcha wrote in a note to investors. He lowered his estimate for calendar year 2016 earnings by 6 percent to $9.81 per share from a prior estimate of $10.40 per share.
But he added that he expects Apple's rapid installed base growth of the iPhone to drive future upgrades beyond the next few quarters, and kept his "Outperform" rating on the stock.
Apple did not immediately respond to a request for comment.
Shares fell $3.57, or 3 percent, to $117 in morning trading.