Apple’s stock woes look set to continue after the iPhone maker’s suppliers tumbled on fears about “market saturation” and future demand.
The Cupertino, California-based company’s shares were down slightly in premarket after falling 4.4% on Tuesday — underperforming a particularly brutal 3.8% drop in the Nasdaq — and is also down in premarket New York trading. Apple is missing out on a minor relief rally amongst other so-called FAANG (Facebook, Apple, Amazon, Netflix, and Google) stocks.
Apple stock was hurt in part on Tuesday by a downgrade by HSBC, after it cited an overwhelming dependence on a single product.