Apple’s stock is on the brink of what many may consider bear market territory.
A third of the stocks in the S&P 500 are also in Bear Market territory, even though the entire index is not.
Analysts are becoming more cautious on Apple stock, warning that unlike last year, higher ASPs may not be enough to offset lower unit sales.
One bear views a myriad of headwinds, including smartphone market deceleration, rising interest rates, and China trade tensions as weighing on chip makers.
Bears view a lower outlook from a key supplier as signaling more pain ahead for the smartphone maker as it scrambles to become a services-first business.
Citigroup attributes its lowered chip sector outlook to weaker-than-expected iPhone XR unit sales and softer smartphone demand in the key Chinese market.
Markets soured today and culprits are everywhere.
Shares of Apple may be well positioned for a strong rebound on the strength of its service businesses.
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