APPLE DIPS BELOW $500 ON OLD NEWS $AAPL $QCOM $CRUS $AVGO $BRCM

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Apple’s stock fell below $500 in the premarket as both The Wall Street Journal and Japan’s Nikkei reported that Apple had cut orders for screens and other parts for the iPhone 5.

According to Nikkei, Apple has asked Japan Display, Inc., Sharp Corp, and LG Display to cut the orders for the iPhone 5 screens by about one half. According to the report Apple has also cut orders for other iPhone components.

Previously extremely bullish Apple investors are so jittery now that in the premarket they sold the stock below $500. Also sold off were Apple component suppliers such as Cirrus Logic (CRUS), QUALCOMM (QCOM), Avago Technologies (AVGO), and Broadcom (BRCM).

The all appears to be old news. Recently, a number of analysts have cut their targets and/or estimates on Apple based on supply chain checks. The most notable supply chain checks have been from Jefferies and UBS.

In the premarket the stock traded as low as $497. If the stock dips again the problem Apple investors face is that there are likely to be a lot of stop loss orders under $495. Hunt and destroy algorithms may exasperate the situation by taking out the stops and driving Apple artificially lower…Read more at Forbes

See also  WEEKLY STOCK MARKET DIGEST: AI FRENZY COOLS, TESLA BEARS WIN, STOCK MARKET SENTIMENT AT EXTREME

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