Apple has cut production orders on its three latest models of the iPhone, which haven't sold as quickly as the company had originally expected, the Wall Street Journal reports, citing unnamed sources.
"In addition to weakness in demand for Apple's products in China and other emerging markets it also looks like the balance of price and features in the iPhone XR may not have been well-received by users outside of the U.S.", wrote Goldman's Rod Hall.
This all follows on from Apple's most recent quarterly earnings report, in which the company lowered its sales forecast for the holiday season. The current batch of phones were the most expensive yet, but even these margins could not keep Apple's cash cow alive and some observers thought that the price increases were too much and even Apple buyers were not that dumb. Although, Apple has fallen down from its previous $1 trillion market value.
Facebook's stock hit its lowest level since February 2017 after Journal reported that CEO Mark Zuckerberg blamed second-in-command Sheryl Sandberg for the Cambridge Analytica scandal and its subsequent fallout. Now a new report has added fuel to the fire, potentially causing fresh stock market jitters.
"There's been a loss of trust in managements at Apple and Nvidia - both overpromised and underdelivered".
All three United States stock indices-Nasdaq, Dow Jones and S&P 500-are in the red due to a slump in the FAANG stocks. -China trade worries on the forefront. "A unit of sale is less relevant to us today than it was in the past", Maestri said.
Declining issues outnumbered advancers for a 1.78-to-1 ratio on the NYSE.
The S&P index recorded 26 new 52-week highs and seven new lows, while the Nasdaq recorded 15 new highs and 84 new lows.