Apple took a huge hit on the market today, particularly on news that it was cutting orders for new iPhone 5 parts. Did it mean that demand was cooling for the iPhone? Did it mean Tim Cook failed to secure a deal with China Mobile to sell iPhones on the world’s largest wireless carrier? Or what it simply that consumers are already waiting for the next iPhone? We don’t know, but clearly investors are worried about Apple and increasing mobile competition.

The company closed out the day at $501.77, down 3.56 percent for the day. This wouldn’t be noteworthy if Apple hadn’t been cruising around $649 in October. $148 is a far way to fall in just a few months. Can Apple bounce back? We think so, absolutely, but it’s going to take big news from the Cupertino-based company. Apple has already refreshed most of its products, and we don’t see any huge announcements on the near horizon. Meanwhile, HTC, Samsung, RIM and others are set to make major announcements at the end of this month and in February at Mobile World Congress.

Apple’s earnings, which typically beat Street estimates, are due out on Jan. 23. We’ll likely see a boost at that point, but it’s unlikely we’ll see it up hovering around $600 – $700 anytime soon.