Why This Hedge Fund Manager Plans To Short Apple Stock Ahead Of iPhone 15 Launch Next Week
Portfolio Pulse from Shanthi Rexaline
Daniel Niles, founder and portfolio manager at Satori Fund, plans to short Apple Inc. (NASDAQ:AAPL) ahead of the iPhone 15 launch event on Sept. 12. Niles cites the threat from Chinese tech company Huawei's new Mate60 Pro and its 7nm processor node technology, as well as China's aggressive ban on foreign phones in government offices as reasons for his decision. Apple's stock is currently trading at a P/E multiple of 29 times the estimated earnings for 2023, which Niles considers high.
September 07, 2023 | 7:17 am
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Apple's stock may face downward pressure due to the threat from Huawei's new phone and China's ban on foreign phones.
The launch of Huawei's new phone with advanced technology and China's ban on foreign phones in government offices could negatively impact Apple's sales and revenue, leading to a potential decrease in its stock price.
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