SEVERE WX : Air Stagnation Advisory View Alerts

Apple rebounds after 5-day stock slide

Apple's five-day losing streak, which wiped about more than 10% of the company's market val...

Posted: Nov 15, 2018 9:51 PM
Updated: Nov 15, 2018 9:51 PM

Apple's five-day losing streak, which wiped about more than 10% of the company's market value, appears to be coming to an end.

Shares of Apple (AAPL) were up more than 2% in late afternoon trading Thursday.

Apple Inc

Business, economy and trade

Companies

Company activities and management

Company earnings

Financial performance and reports

Financial results

Business and industry sectors

Consumer electronics

Consumer products

Electronics

Mobile and cellular telephones

Mobile technology

Smartphones

Technology

The stock took a tumble this month because of growing concern about a slowdown in demand for its latest iPhones. It's fallen 20% from its all-time high.

Apple told investors in its latest earnings report that it would no longer provide unit sales figures for the iPhone and other devices, leading Wall Street to speculate that sales may have peaked.

To make matters worse, a bunch of companies that make chips and other components used in iPhones lowered their forecasts, citing sluggish demand for high-end phones.

Several analysts slashed price targets and earnings estimates for Apple in the past few weeks.

Concerns about soft sales for iPhones may be hurting Apple's overall digital sales.

Research firm eMarketer said in a report Thursday that it now expects Walmart (WMT) to overtake Apple as the third largest e-commerce firm in the United States because Apple's sales growth is forecast to slow. Both companies trail Amazon (AMZN) and eBay (EBAY).

But one influential Wall Street analyst came out in defense of Apple Thursday.

Morgan Stanley's Katy Huberty wrote in a report that the "supply chain noise" about Apple suppliers was creating a buying opportunity for the stock.

Huberty argued that investors are overreacting to the warnings from some components companies and "remain narrowly focused" on unit sales.

She thinks investors are forgetting that Apple' services business, which includes things like the App Store, iCloud, Apple Music and Apple Pay, is growing more rapidly than most other Apple businesses.

The services division generated about $10 billion in sales last quarter.

That business -- which features lucrative recurring subscription revenue -- is much more profitable than the relatively low-margin business of selling phones and other hardware.

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 391099

Reported Deaths: 5161
CountyCasesDeaths
Multnomah60298839
Washington41981395
Marion39886506
Clackamas32773378
Lane30113355
Jackson24880360
Deschutes23557185
Umatilla15126180
Linn14637179
Douglas13375291
Josephine10148244
Yamhill9762143
Klamath9053146
Polk8212100
Benton609738
Malheur592487
Coos5664106
Columbia430455
Jefferson420266
Lincoln362152
Union338755
Crook334056
Wasco316146
Clatsop261835
Baker219833
Tillamook216645
Hood River213737
Morrow197525
Curry191939
Harney119933
Grant108515
Lake105416
Wallowa75713
Sherman1913
Gilliam1854
Wheeler1141
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Cases: 5083462

Reported Deaths: 74473
CountyCasesDeaths
Los Angeles152713227166
San Diego4069274335
Riverside3876785358
San Bernardino3745435962
Orange3343985725
Sacramento1683542443
Kern1576621804
Fresno1567952254
Santa Clara1520891925
Alameda1251761504
San Joaquin1075591834
Ventura1040031190
Contra Costa1037721046
Stanislaus915481417
Tulare860871096
San Francisco56909669
San Mateo56320629
Monterey52488626
Solano47671357
Santa Barbara47293549
Merced45053667
Sonoma43168412
Placer42141470
Imperial38477773
Kings35206363
San Luis Obispo31476359
Madera26194311
Shasta26081451
Butte25455314
Santa Cruz22248224
Yolo21558257
Marin18465249
El Dorado18301166
Sutter14571186
Napa13420104
Yuba1076089
Tehama10275130
Humboldt10158119
Nevada10019105
Mendocino857197
Lassen796756
San Benito781578
Tuolumne773090
Lake7043110
Amador577366
Siskiyou474755
Glenn457436
Calaveras441588
Del Norte375542
Colusa325220
Inyo256646
Plumas19367
Mono18784
Mariposa160018
Trinity99717
Modoc7655
Unassigned3220
Sierra2180
Alpine1080
Out of CA00
Medford
Cloudy
43° wxIcon
Hi: 60° Lo: 40°
Feels Like: 43°
Brookings
Partly Cloudy
60° wxIcon
Hi: 69° Lo: 45°
Feels Like: 60°
Crater Lake
Partly Cloudy
43° wxIcon
Hi: 53° Lo: 29°
Feels Like: 43°
Grants Pass
Cloudy
43° wxIcon
Hi: 58° Lo: 43°
Feels Like: 43°
Klamath Falls
Partly Cloudy
27° wxIcon
Hi: 54° Lo: 28°
Feels Like: 27°
Stagnant and dry weather continue all week
KDRV Radar
KDRV Fire Danger
KDRV Weather Cam

Community Events