Apple Stock Hits a Three Month Low Amid Warnings from iPhone Suppliers

Apple Stock Hits a Three Month Low Amid Warnings from iPhone Suppliers

Apple Stock Hits a Three Month Low Amid Warnings from iPhone Suppliers

JDI, which makes LCD screens used in the iPhone XR, plunged as much as 11 percent to its lowest since debuting in 2014.

One Apple supplier, Lumentum Holdings, trimmed its second quarter outlook on Monday and warned that one of its largest customers had asked to "materially reduce shipments" for previously placed orders.

Among other Apple suppliers, Qorvo Inc. dropped 5.6 per cent, Skyworks Solutions Inc. fell 3.8 per cent, Finisar Corp. dropped 4.3 per cent, Broadcom Inc. fell 3.8 per cent and Ciena Corp. lost 1.9 per cent. Optical-component makers and semiconductor stocks were broadly lower.

"Apple could have accumulated too much Lumentum inventory, and needs to work it off, in which case the unit shortfall is less, although it is still indicative of weak iPhone sales".

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That's a pretty meaty file in itself, but even more so when you consider the fact the game's initial install size is 45GB. While it may seem big, Bethesda had mentioned at length what the day one patches would bring.

But this Lumentum news is particularly damning because the firm had issued its original financial forecasts just two weeks ago.

Apple didn't immediately respond to a request for comment on the reports. "Apple got cautious in their guidance and it's hitting their suppliers", Elazar Capital analyst Chaim Siegel said. Japan's Minebea Mitsumi Inc. slid 7.2 percent and Alps Electric Co. dipped 8.9 percent. In China, Lens Technology Co. dropped 2.5 percent.

Kuo's forecast follows a report last week that described two of the company's largest suppliers, Foxconn and Pegatron, being told to halt plans for additional iPhone XR production lines. The company also said it would stop providing unit sales for iPhones, iPads, and Macs in fiscal 2019, a step Nomura Instinet said raised "the spectre of a sustained iPhone downturn". One analyst, Longbow Research, conducted spot checks with Taiwanese suppliers late last week and noted a 20-30% drop in orders related to the Cupertino tech giant's newly introduced smartphones, the iPhone XR and XS MAX, and increases in orders for older models.

JP Morgan analysts weighed in by cutting their price target for Apple by $4 to $270 pointing to poor orders for the new iPhone XR.

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