Apple Shares Slide In Monday Premarket: What's Souring Sentiment?
Portfolio Pulse from Shanthi Rexaline
Apple shares fell in premarket trading due to lower-than-expected iPhone 16 preorders, competition in China, and broader market concerns. Analyst Ming-Chi Kuo reported a 12.7% drop in preorders compared to the iPhone 15, citing weak demand for the Pro series and competition from Huawei.
September 16, 2024 | 11:17 am
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Apple shares dropped in premarket trading due to disappointing iPhone 16 preorders, which fell 12.7% year-over-year. Analyst Ming-Chi Kuo attributes this to weak demand for the Pro series and competition in China. Broader market concerns also contribute to the decline.
The decline in iPhone 16 preorders, particularly for the Pro series, directly impacts Apple's revenue expectations. Competition in China and broader market concerns about tech stocks further exacerbate the negative sentiment, leading to a premarket drop in Apple's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100