JEFFERIES: 'iPhone 5 Sales Are Decelerating Faster Than Expected'

Apple's iPhone 5 sales are "decelerating faster than expected," says Jefferies analyst Peter Misek in a new note this morning.

He says that Apple has cut its build orders to 30 million, down from 40 million. He does caution that, "suppliers seem to be prepping for iPhone 5S builds to start in March." So part of the slow down in iPhone 5 builds is because of the next iPhone coming in a few months.

iPhone order cuts was the story that killed Apple's stock through December and January. This seems like a continuation of that theme.