Apple shares fell nearly 10 percent on Jan. 3, following a press release issued by CEO Tim Cook a day prior blaming weak demand in China.
Apple Inc. shares fell nearly 10 percent by market close on Jan. 3, following a press release issued by CEO Tim Cook after market close the previous day. Cook blamed weak demand in China for Apple falling short of its revenue estimate last quarter.
The press release unsettled global financial markets and hurt shares of tech companies that supply Apple.
At the closing bell on Jan. 3,Apple shares had dropped 15.73 points, or 9.96 percent, to $142.19.
Skyworks Solutions Inc. shares were hurt the most down 7.24 points, or 10.65 percent, to $60.72. Broadcom Inc. shares were next in line for a loss of 22.55 points, or 8.90 percent, to $230.96. Cirrus Logic Inc. went down 2.91 points, or 8.49 percent, to $31.35.
Analog Devices shares spiraled down 5.19 points, or 6.04 percent, to $80.73. Micron Technology Inc. bled 1.75 points, or 5.34 percent, to $31.00. And NXP Semiconductors NV dropped 3.06 points, or 4.08 percent, to $71.97.
Apple stopped disclosing unit sales reports for its phones in November, which Wall Street immediately took as the tech giant attempting to conceal a downturn in sales.
