(Reuters) – Shares of Apple Inc fell 2 % on Tuesday and dragged the stocks of its suppliers across the globe lower, after the iPhone maker warned of lower sales in the current quarter acknowledging that the coronavirus outbreak was pressuring its supply chain.
Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York, U.S., August 1, 2018. REUTERS/Lucas Jackson
The drop in Apple’s stock is set to wipe nearly $30 billion off its market capitalization, just as it was inching closer to $1.5 trillion in value. The stock was trading down at $318.74.
However, several Wall Street brokerages dubbed Apple’s update forecast as a “near-term headwind,” saying the company is performing strongly outside China and the launch of 5G phones later this year would further boost sales.
“We believe any material weakness in Apple shares as a result of the March 20 quarter revenue shortfall will prove to be a buying opportunity,” analysts at Piper Sandler…
Source Reuters Tech News