It’s Black Wednesday on Wall Street for Apple
This morning, shares of AAPL initially fell more than $25, taking the stock below $400 for the first time since before the death of Steve Jobs.
Concerns regarding Apple’s upcoming earnings report reached a climax today, sending shares of the Cupertino, California tech giant plunging during the opening hours of trading today.
Cirrus Logic Inc., a supplier for Apple Inc., said it expects to record a significant inventory reserve charge in the fourth quarter and that its margins for the period will be weaker than expected.
Most detrimentally, Cirrus’s weak outlook “indicates that the recent fears of Apple’s lackluster iPhone demand…are warranted,” Vernon Essi Jr., an analyst at Needham & Co., tells the Wall Street Journal.
Apple is scheduled to report earnings for the quarter ending March 31st next Tuesday, April 23rd.