Apple stock fell 6.8% to 131.76 marking the single biggest day decline in its value since April 2005. This comes after a New York trading firm Miller Tabak & Co. reported Apple cut their iPhone order from 9 million units to 4.5 million units.

My how times have changed. A mere month ago, there were people (including me) who were worried we wouldn’t get our hands on an iPhone. Now it seems Apple is afraid they will have too many.

However, there is no confirmation of this report yet. In fact, some other analysts have questioned the validity of this report citing the secretive nature that Apple does business.

Others feel it may in fact be iPods that have slowed production, not iPhones. Apple still maintains they are confident of their goal to sell 1 million iPhones by the end of the quarter and 10 million in 2008.

[Via CNN]