“U.S. stocks declined on Tuesday as Apple and shares of its parts suppliers weakened on a report of soft iPhone X demand, which pulled technology shares lower,” Chuck Mikolajczak reports for Reuters.
“According to Taiwan’s Economic Daily, citing unidentified sources, Apple will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units,” Mikolajczak reports. “The report, along with some recent brokerage calls on tepid iPhone X demand, made Apple shares sink 2.5 percent, their worst single-day percentage fall since Aug. 10.”
“Shares of companies that supply parts to Apple, including Broadcom, Skyworks Solutions, Finisar and Lumentum Holdings, all fell,” Mikolajczak reports. “The Dow Jones Industrial Average fell 7.85 points, or 0.03 percent, to 24,746.21, the S&P 500 lost 2.84 points, or 0.11 percent, to 2,680.5 and the Nasdaq Composite dropped 23.71 points, or 0.34 percent, to 6,936.25.”
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MacDailyNews Take: What a joke.
Apple stock tumbles on one poorly-sourced report of low iPhone X demand – December 26, 2017
Apple and suppliers shares drop on report of weak iPhone X demand – December 26, 2017