×
319
Fashion Jobs
TIME TECHNOPLAST
Area Sales Manager
Permanent · Andheri
LIFE TURN MANAGEMENT CONSULTANT
sr. Manager Production - Sricity, Tada - Mnc Company - Engineering Ind
Permanent · Tada
MCKENZIE
Hiring For Retail Store Merchandiser / Manager
Permanent · Chennai
V2B GLOBAL CONSULTANTS
sr Technician Apparel -Buying Office
Permanent · Gurugram
MANPOWERGROUP SERVICES INDIA
Opening || Horeca Sales Manager || Kolkata
Permanent · Kolkata
ADIDAS
Senior Product Owner - Machine Learning & ai
Permanent · GURUGRAM
ADIDAS
Senior Technology Consultant - Omnichannel
Permanent · GURUGRAM
PUMA
Manager- Warehouse (B2C)
Permanent · Bengaluru
HARMAN FINOCHEM
sr. Manager- Api Production For Srp With Leading Pharma @ Aubad
Permanent · Aurangabad
PNB HOUSING
Area Sales Manager
Permanent · Thane
PNB HOUSING
Area Sales Manager
Permanent · Pune
JM FINANCIAL HOME LOANS LTD
Area Sales Manager - Home Loans
Permanent · Chennai
DANIEL WELLINGTON
IT Support Specialist
Permanent · MUMBAI
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Karaikal
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Thiruvarur
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Tirunelveli
AVANTOR
Area Sales Manager- Lab Consumables
Permanent · Pune
ADIDAS
Manager Brand Activation Originals
Permanent · GURUGRAM
ZACH LIFESTYLE PVT. LTD.
Manager - Content & Social Media
Permanent · MUMBAI
NEW ALFA INTERNATIONAL
Foundry Production Manager
Permanent · Dubai
MEDCIS PATHLABS
Medcis Pathlabs is Hiring For Pathology Area Sales Manager
Permanent · Visakhapatnam
PERFECT PUBLISHING SOLUTIONS
Area Sale Manager-b.Tech Fresher-German Mnc -Immediate Joining
Permanent · Bhubaneswar
By
Reuters
Published
May 12, 2016
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Apple falls below $90 as iPhone worries fester

By
Reuters
Published
May 12, 2016

Shares of Apple dropped below $90 on Thursday for the first time since 2014 as Wall Street worried about slow demand ahead of the anticipated launch of a new iPhone later this year.


Apple


A mainstay of many Wall Street portfolios, Apple fell to as low as $89.47 before recovering slightly to $90.13, a 2.55 percent loss.

Component suppliers in Taiwan will receive fewer orders from Apple in the second half of 2016 than in the same period last year, the Nikkei Asia Review reported on Thursday, citing sources. Apple typically launches its high-end phones in September.

"People are getting negative data points about component orders and production forecasts, and the features on the new iPhone do not seem to be a big change from the 6S," said Rosenblatt Securities analyst Jun Zhang.

At its session low, Apple briefly relinquished its position as the world's largest company by market capitalization to Alphabet Inc.

At current prices, Apple's market value is about $494 billion, while Alphabet's is about $457 billion, a difference of roughly $36.5 billion. In the past year, Apple's market capitalization has fallen by more than $200 billion - roughly the size of Verizon Communications or Wal-Mart Stores.

Suppliers of iPhone components also fell, with Skyworks Solutions off 4.8 percent, Broadcom down 2.46 percent and Qorvo declining 1.9 percent.

Confidence in Cupertino, California-based Apple was shaken after it posted its first-ever quarterly decline in iPhone sales and first revenue drop in 13 years in April. Wall Street is worried about demand for Apple's next iPhone.

Faced with lackluster sales of smartphones in the United States, Apple has bet on China as a major new growth engine. But progress there has been disappointing.

Revenue from China slumped 26 percent during the March quarter. Apple faces increasing competition from Chinese manufacturers like Xiaomi and Huawei selling phones priced below $200, Rosenblatt's Zhang said.

Last week, Dialog Semiconductor, which sells chips used in iPhones and other smartphones, cut its revenue outlook due to ongoing softness in the smartphone market.

The recent sell-off has left Apple trading at about 10 times its expected 12-month earnings, cheap compared with its average of 17.5 over the past 10 years. It also has a dividend yield of about 2.46 percent.

"The market is saturated and they have no massive growth drivers outside of the iPhone," said Pacific Crest analyst Andy Hargreaves, who still recommends buying the stock. "Generally speaking, I just think it's a little too cheap."

© Thomson Reuters 2023 All rights reserved.

Tags :
Retail