From Sweta Killa: Technology giant Apple (NASDAQ:AAPL) logged in its seventh consecutive weekly loss, something the stock hasn’t done in the past six years.
The broad tech sector turmoil as well as negative news flow has taken a toll on Apple shares lately. In fact, the stock is down nearly 20% from its recent peak, indicating that it has entered into the bear market. With this, Apple’s value has dropped to about $886 billion from the October highs of $1.13 trillion (read: Apple Woes Trigger Tech Sector Rout: ETFs Under Threat).
The decline stemmed from investors’ concerns that Apple, renowned for years of innovative technology, will suffer declines in iPhone unit sales over the next couple of years. This is especially true as many Wall Street analysts lowered their iPhone sales estimates following reports of production cuts by Apple’s supply chain partners. Apple plans to buy fewer parts from Lumentum Holdings (NASDAQ:LITE) and Qorvo (NASDAQ:QRVO), implying that it will sell fewer iPhones going forward than initially expected.