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Technology Stocks : Apple Inc.

AAPL 262.22

-1.9%

Jan 6 3:59 PM EST

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From: Moonray	2/21/2020 2:29:56 PM
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By Timothy Green - February 21, 2020 1:17 ET Apple ( NASDAQ:AAPL) was one of the Dow's big losers on Friday as investors digested a string of bad news. Meanwhile, shares of Coca-Cola ( NYSE:KO) rose after the company reiterated its full-year guidance despite an expected impact from the outbreak. Bad news piles up for Apple With the coronavirus outbreak in China ravaging supply chains and knocking down demand, Apple announced earlier this week that it no longer expected to hit its guidance for the fiscal second quarter. That guidance had already baked in some level of uncertainty regarding the outbreak when it was issued on Jan. 28. The news isn't getting any better for the iPhone giant. On Tuesday, sources for Nikkei Asian Review claimed that Apple is likely behind schedule on production for its ex- pected budget iPhone. Apple's suppliers were supposed to begin assembling the cheaper iPhone this month, according to an earlier report from Bloomberg. That timeline now appears unlikely given the disruption caused by the virus. On Thursday, Global Times reported that industry analysts were forecasting a 40% to 50% decline in iPhone sales in China in February and March from the prior-year period. All smartphone suppliers are feeling the pinch as con- sumers pull back on purchases amid the outbreak. In nonvirus news, Bloomberg recently reported that Apple is considering allowing iPhone users to choose third-party web browser and mail applications as their default options, freeing them from the yoke of Apple's own applications. This potential move comes as Apple faces increasing antitrust scrutiny. Add it all up, and Apple's second-quarter results are likely to be a mess. Sales in China will likely plummet, and supply disruptions will hit sales in other regions. Apple stock was down 1.5% by early Friday afternoon, and the stock could retreat further from its recent highs if the outbreak isn't brought under control soon. From: Dow Jones News: Apple Drowning in Bad News; Coca-Cola Sticks With Guidance o~~~ O

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