Apple stock is trading at $142.37 as of 03:22 PM EDT. 

Apple’s (NASDAQ: AAPL) shares lost their earlier gains and fell slightly on Tuesday. Two sources in Apple’s supply chain told the news that Apple (AAPL) was reevaluating demand for the product and had told a Chinese manufacturer to “immediately stop manufacturing” of iPhone 14 plus parts. Two of Apple’s (NASDAQ:AAPL) suppliers cut their production of the iPhone 14 Plus by 70% and 90%, according to the source.

At $899, the iPhone 14 Plus, which debuted on October 7, is only $100 more expensive than the technologically superior iPhone 14 Pro. According to wait times on Apple’s (AAPL) international websites, demand for the iPhone 14 Pro and iPhone 14 Pro Max is still high. The decision was made at a time when the global smartphone market has been slowing, contracting 9% in the third quarter compared to the same period a year earlier, according to estimates from data analytics firm Canalys, which anticipates sluggish demand over the following six to nine months.

Seeking Alpha contacted Apple for comment, but they did not react right away.

The strength of the early September-released iPhone 14 Pro and Pro Max has lately been recognized by a number of analysts. Apple (NASDAQ:AAPL) shares fell slightly to $142.23 in late Wednesday trading after rising as much as 1.5% earlier. Apple (NASDAQ:AAPL) released a number of new products on Tuesday. These include a cheaper version of its Apple TV set-top box and a more powerful iPad Pro tablet.

Apple stock outlook

On October 11, Tim Long, an analyst at Barclays, kept his Equal Weight recommendation on Apple Inc. (NASDAQ:AAPL) shares but dropped the price target from $169 to $155. He said that despite currency problems, there was still room for growth in the hardware revenue forecasts for the September quarter.

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