Apple, Chip Suppliers Fall On iPhone X Demand Concerns

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Shares of Apple ( AAPL ) and iPhone chip suppliers fell Tuesday on reports that iPhone X demand is flagging, less than two months after its debut.

[ibd-display-video id=3046275 width=50 float=left autostart=true] JL Warren Capital and Sinolink Securities cut their iPhone shipment forecasts for the calendar first quarter of 2018, citing weak demand for the flagship iPhone X exiting the holiday sales quarter, Bloomberg reported Monday .

"After the first wave of demand has been fulfilled, the market now worries that the high price of the iPhone X may weaken demand in the first quarter," Sinolink Securities analyst Zhang Bin said in a report. The OLED-screen iPhone X, which starts at $999, hit the market on Nov. 3.

In recent weeks, online and retail availability of the iPhone X has been improving, but analysts mostly chalked that up to improving production of the new handset.

IBD'S TAKE: Apple stock has an IBD Composite Rating of 94 out of a best-possible 99. For more analysis on Apple, visit the IBD Stock Checkup .

Apple shares dropped 2.5% to 170.57 on the stock market today .

Several major iPhone chip suppliers also fell on Tuesday. Broadcom ( AVGO ) slid 1.6% to 258.10, Cirrus Logic ( CRUS ) sank 1.6% to 51.56, Qorvo ( QRVO ) caved 2.6% to 65.90, and Skyworks Solutions ( SWKS ) fell 1.9% to 95.20.


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Stocks
Referenced Symbols: AAPL , AVGO , CRUS , QRVO , SWKS

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