Apple Inc. (NASDAQ:AAPL) shares fell below $400 per share on Wednesday but closed out the day above the $400 mark. However, it didn’t take much to push the stock lower again today, and it fell as low as $393.37 per share at one point — approximately a 2 percent decrease since the markets opened Thursday morning.

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Jefferies analysts issued a report to investors Wednesday after the catastrophic announcement from Cirrus Logic, Inc. (NASDAQ:CRUS), which may have helped to drag down Apple Inc. (NASDAQ:AAPL)’s stock price. The company is a major supplier of components for Apple Inc. (NASDAQ:AAPL). Jefferies analysts believe the company makes the main audio IC component for iPad’s and iPhone’s.

The company pushed its second quarter revenue guidance down 18 to 27 percent quarter over quarter, which could mean that Apple’s orders for its components are falling significantly. Also, the company said $20.7 million of its $23.3 million net inventory reserve is because of “a decreased forecast for a high volume product as the customer migrates to one of Cirrus Logic’s newer components.”

Cirrus Logic, Inc. (NASDAQ:CRUS)’s guidance for its second calendar quarter revenue was $150 to $170 million, which Jefferies analysts believe means Apple Inc. (NASDAQ:AAPL) will also report weak guidance for the second calendar quarter of the year. In their estimation, iPhone shipments for the second calendar quarter will fall 25 percent quarter over quarter.

In addition, DigiTimes reported that iPad Mini shipments for the second calendar quarter will fall 20 to 30 percent quarter over quarter. The publication also said LG Display believes its total iPad and iPad Mini panel shipments will trend downward over the next few quarters.

Jefferies analysts believe that we probably won’t see an iPad Mini refresh until the third calendar quarter. They said we may see an iPad 5 refresh during the second calendar quarter, although volumes appear to be very low if that happens.

They said all this data reinforces their cautious view on Apple’s second calendar quarter. They maintained their Hold rating and $420 per share price target on shares of Apple Inc. (NASDAQ:AAPL).