APPLE VIOLATES $400, NO SILVER LINING FROM OVERCAST CIRRUS OUTLOOK $AAPL $CRUS
Until yesterday Apple AAPL had been holding strong after testing its support around $419 multiple times. Today that support has decisively broken with shares plunging more than 6% and briefly below $400 to as low as $398.11 this afternoon.
The reason for the crushing action lower in Apple shares is what can be inferred from negative talk out of a major supplier of iPhone audio components, Cirrus Logic CRUS . Cirrus said that it expects revenues and earnings when it reports quarterly results next week to be significantly below analysts’ forecasts. Cirrus also projected horrific revenues going forward. The implication is that Apple has slowed the building of iPhone 5s and that is the reason why Cirrus is not able to sell components to Apple at the same rate as it had been.… Please click here or the title below to read more.
