“Apple stock tumbled to its lowest level in nearly two years on Thursday, following a report that Asian component suppliers are seeing weak orders related to the upcoming iPhone 7,” Patrick Seitz reports for Investor’s Business Daily.
“Japanese business publication Nikkei Asian Review reported Thursday that Taiwan-based tech suppliers expect to get significantly fewer orders from Apple in the second half of this year compared with the year-earlier period,” Seitz reports. “They cited the ‘ongoing slump in demand for premium smartphones and a lack of groundbreaking features for the upcoming iPhone 7.'”
“Apple shares were down more than 2.5%, near 90, in midday trading on the stock market today,” Seitz reports. “Apple stock has risen in only 4 of the last 20 trading sessions. Since hitting its 2016 high of 112.39 on April 14, Apple stock has fallen about 20%.”
Read more in the full article here.
MacDailyNews Take: A baseless report from Nikkei is all it takes. With their history of baseless reports, no less. No wonder the average Joe doesn’t trust the stock market as far as he could throw it.
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