Why Are Apple Shares Falling Over 2% Premarket Today?
Portfolio Pulse from Shanthi Rexaline
Apple Inc.'s shares fell over 2% in premarket trading due to two developments. Firstly, Huawei launched a faster smartphone, Mate 60 Pro, which could lead to Apple losing 10 million iPhone shipments in 2024, according to an Oppenheimer analyst. Secondly, China plans to expand a ban on the use of iPhones in government offices, state companies, and government-backed agencies.
September 07, 2023 | 11:40 am
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Apple's stock fell due to Huawei's new smartphone launch and China's expanded iPhone ban. This could lead to a decrease in iPhone shipments and a potential loss in the Chinese market.
The launch of Huawei's new smartphone, which is faster and cheaper than the iPhone, could lead to a decrease in iPhone shipments. Additionally, China's expanded ban on iPhones in government sectors could lead to a loss in the Chinese market, which is a significant market for Apple. Both these factors are likely to negatively impact Apple's stock price.
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