(Image credit: Spencer Platt/Getty Images)

Shares of Apple Inc. (Nasdaq: AAPL) closed at $501.75 in New York trading today, falling 3.57 percent after reports that the tech company has decreased its orders for parts, but analysts will wait until its earnings next week to learn whether fewer people have ordered the iPhone 5 than expected.

Apple's orders for iPhone 5 screens for the first quarter have dropped to around half of what the company planned previously, the Wall Street Journal reported. Japan's Nikkei newspaper reported two Apple LCD panel suppliers in Asia reduced production.

The tech-heavy exchange, Nasdaq, closed down 0.26 percent to 3117.50.

Brian Colello, a senior equity analyst, said there is a chance the report about the orders has more to do with supply chain issues and less to do with iPhone 5 demand.

"Screens were believed to be an area of shortages a couple months ago," Colello said, shortly after the iPhone 5 release in September. "When that happens, customers tend to double order to make sure they have enough screens on hands. That leads to double orders and cancellations once supply and demand tend to balance out."

Morningstar's fair value of Apple stock is $770, and it has a "buy" rating, the highest of the financial firm's five-rating scale.

Colello said all eyes will be on the company's first quarter earnings report on Jan. 23.