Apple Slides As Taiwanese Report Raises Fears About Iphone X

Apple (AAPL) shares are weaker as U.S. investors return from the long holiday weekend after a Taiwanese newspaper report said the tech giant is trimming its first-quarter sales forecast, according to Bloomberg. Adding to the caution are analysts following suit, reportedly due to worries about demand for the high-end iPhone X.

ANALYSTS, APPLE SAID TO TRIM FORECASTS: Taiwanese newspaper Economic Daily News quoted unidentified supply chain officials as having said that Apple is lowering its first-quarter iPhone sales forecast to 30 million units from 50 million, according to Bloomberg. An Apple representative declined to comment on production decisions, the repot noted. Additionally, Bloomberg noted that analysts at New York-based JL Warren Capital and China’s Sinolink Securities have each lowered iPhone X shipment projections for the first quarter of next year.

SUPPLIERS TO WATCH: Suppliers to Apple that may be volatile following Bloomberg’s cautious report regarding signs of slack iPhone X demand include Skyworks (SWKS), Cirrus Logic (CRUS), Broadcom (AVGO), Qorvo (QRVO), Qualcomm (QCOM), STMicroelectronics (STM), Analog Devices (ADI), Knowles (KN) and Micron (MU).

PRICE ACTION: In pre-market trading, Apple shares are down $4.73, or 2.7%, to $170.28.