Apple shares hit by iPhone 5 order fears

Shares in technology giant Apple have fallen by more than 3% in early trading after reports suggested orders for its iPhone 5 had been lower than expected.

Apple is reported to have halved its orders for the display panel featured on the phone for the January to March quarter, according to the Nikkei Japanese news service.

The reports have heightened fears that demand for Apple's iPhones has fallen in the wake of increased competition.

The iPhone 5 came out in September.