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Apple stock down 40 percent from September's high

Shares of Apple hit their lowest level in more than a year on Monday, continuing a decline hastened by the company's last quarterly earnings report.

Apple Inc. stock touched as low as $419 Monday its weakest point since January 2012 before closing down 2.4 percent at $420.05.

The Cupertino, Calif., company's Jan. 23 report signaled that its fast growth phase, rare for a company of its size, may be coming to an end.

Apple's stock price peaked in September at $705.07 on the day the iPhone 5 was released. With Monday's close, the stock has dropped 40 percent from the record high.

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