The share prices of Apple Inc fell down even more because of the fears in the investors related to the future demand taking into consideration the “market saturation.” This in turn has set to continue the woes of the iPhone maker.
California based company; Cupertino also witnessed a downfall in its share prices in the pre-market after the decline in the market by 4.4 percent on Tuesday.
The company also underperformed that too brutally on the Nasdaq where it witnessed a downfall of 3.8 percent. The company is also experiencing a downfall in the pre-market trading of New York.
Amongst the other members of the FAANG groups which comprises of Facebook, Apple, Amazon, Netflix and Google, the stocks of Apple Inc are missing out on the minor relief rally.
After the company cited an overwhelming dependency on one product only, the stocks of Apple were hurt in part on Tuesday by HSBC by a downgrade.
HSBC stated that the highly concentrated portfolio of highly desirable and pricey products which were responsible for the success of Apple Inc is what that is now facing the realities of the market situation and has therefore resulted in the downfall of the company at the current moment as well.
The shares of the suppliers of Apple in Asia declined drastically, with the Pegatron in Taiwan falling by 1.7 percent, ACC technologies which is a Chinese acoustics supplier declining by 3.7 percent, Largan Precision of Taiwan decreased by 3.7 percent whereas its Flexium Interconnect witnessed a downfall of 3.9 percent.
An optical manufacturer in the United States., Lumentum Holdings witnessed a fall of 5.5 percent after the company cut its outlook the previous month.
Cirrus Logistics has witnessed a fall of 5.5 percent after closing at a low of 1.9 percent. This is after the company did cuts in the revenue outlook of December because of the downfall in the smartphone market.
Source: BusinessInsider, OneNewsPage