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Apple stock sinks as concerns over slowing iPhone demand take hold

November 13, 2018

Shares of Apple Inc. took a dive Monday to a 3 1/2-month low, as a profit and revenue warning from an optical equipment supplier suggested investor worries that iPhone demand may be weakening was becoming reality.

Apple’s stock AAPL, -0.52% tumbled 5.0% to the lowest close since July 31. The stock has now plunged 16.3% since its Oct. 3 record close of $232.07.

Meanwhile, Lumentum Holdings Inc. shares LITE, +1.33% plummeted 33% to the lowest close since Jan. 30, 2017 after the company said before Monday’s open that it “recently received a request from one of our largest industrial and consumer customers for laser diodes for 3D sensing to materially reduce shipments” during its fiscal second quarter, which ends December.

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