Shares of Apple Inc. sank 3.2% on Tuesday after Credit Suisse lowered its earnings estimates on the iPhone maker.
And Doug Kass, president of money manager Seabreeze Partners Management, reminded investors that Apple AAPL, -3.15% is facing slowing earnings and revenue growth in an article in which he said he’s maintaining his short position, wagering on a drop in the stock.
Credit Suisse analyst Kulbinder Garcha cut his fiscal 2016 earnings per share estimate for Apple by 6% to $9.54, saying “iPhone supply-chain orders have weakened recently,” and that the company “has lowered its component orders by as much as 10%, according to our teams in Asia.”
