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NAS:AAPL, Dec 11, 04:57 UTC

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Thursday, December 06


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Apple could plunge 13 percent more before hitting a floor, says technical analyst

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Shares of the tech giant have crashed more than 25 percent from its October high, putting the stock firmly in a bear market and shedding nearly $300 billion in market cap in that time. Apple is now on track for its worst quarter since the financial crisis, and it is the worst performing Dow component over the last three months. According to one trader, shares could plunge 13 percent more over the next two months before hitting a floor. Todd Gordon of TradingAnalysis.com notes that even with Apple's fall from the highs, it's still trading far above one of its "defining technical indicators" that has been a reliable source of support for the stock since the turn of the century.

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Pro: Apple's Chart Shows No Major Trends Are Broken

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Down 25 percent from its all-time highs of $233.47, Apple Inc. (NASDAQ: AAPL) investors could find comfort from three encouraging developments, according to Mark Newton, president and technical analyst at Newton Advisors. The risk-reward profile for Apple's stock is favorable at current levels for three reasons, Newton said Tuesday on a CNBC "Trading Nation" segment. Despite trading in the red on a daily basis, Apple's MACD (moving average convergence/divergence) on the daily chart is still positive, which implies upward momentum. The iPhone maker's weekly chart looks bullish with the RSI (relative strength index) tracking near 30, which Newton said marks the cutoff for a stock being oversold.

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HSBC Downgrades Apple Stock on iPhone Fears

0005 AAPL +2 more 0005 AAPL HSBC HSBA

On December 4, investment bank HSBC downgraded Apple (AAPL) stock from “buy” to “hold” and reduced the company’s 12-month price target from $205 to $200. HSBC analyst Erwan Rambourg stated that Apple’s hardware growth is “broadly over for now.” There have been concerns over Apple’s iPhone growth slowing despite the company holding its own in a falling global smartphone market.

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Another Apple Supplier Reports Declining Revenues—What’s Next?

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Today hasn’t been a good day for Apple (AAPL) supplier Largan Precision in Taiwan. It reported about a 29% decline in its revenues in its latest earnings report. The company supplies smartphone camera lenses, and its stock crashed 10% on Thursday. We’re seeing yet another incident of an Apple supplier reporting weak results after Qorvo (QRVO), Cirrus Logic (CRUS), and Lumentum (LITE) all reported weak guidance for the current quarter. Apple shares are already down about 23% since the beginning of November, and there may be more downside to the stock in the coming days.

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EKG, other heart health features come to Apple Watch

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FILE - In this Sept. 12, 2018, file photo, Jeff Williams, Apple’s chief operating officer, speaks about the Apple Watch Series 4 at the Steve Jobs Theater during an event to announce new Apple products in Cupertino, Calif. The latest software update to the newest Apple Watch, the Series 4, will now let people take EKGs of their heart and notify them when they have an irregular heartbeat. Apple announced the heart features in September, but didn’t make them available until Thursday. The watch can intermittently check the wearer’s heart rhythm in the background and send a notification if it detects irregular heart rhythm.

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Apple Watch rolling out electrocardiogram feature for heart health

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According to Apple, this new test can detect atrial fibrillation, a condition where the heart beats out of rhythm. Apple has sold more than 50 million smart watches since it rolled them out in 2015, and its new feature is tracking a disorder that affects at least 2.7 million Americans. Williams said they decided to focus on the heart first because Apple already has more heart rate monitors on people's wrists than anybody else in the world. "But the more we started getting letters where people said it detected something serious and in some cases helped save their lives, the more we realized we have a huge opportunity to do so." But with that ability to monitor your heart comes concerns about who has access to our health data and what can be done with that information.

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Apple’s Losing Streak Continues, Falls 2.3% in Pre-Market Trading

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On December 4, Apple (AAPL) fell 4.4% after President Trump said in a tweet that “I am a Tariff Man.” The tweet triggered a wide sell-off in the market. The S&P 500 benchmark (SPY) fell 3.2% on December 4, while the NASDAQ Composite Index (QQQ) and the Dow Jones Industrial Average fell 3.8% and 3.1%, respectively. Microsoft (MSFT), IBM (IBM), and Alphabet (GOOGL) fell 3.2%, 3.0%, and 5.0%, respectively, on December 4. Now, let’s see how Apple stock is set to extend these losses on December 6.

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Apple stock falls amid China fears, Rosenblatt target cut

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Shares of Apple Inc. are down 2.5% in Thursday morning trading, after the arrest of Huawei's chief financial officer prompted renewed concerns about China trade tensions. Rosenblatt analyst Jun Zhang cut his price target on Apple shares to $165 from $200, forecasting that the company will produce and ship roughly 39 million iPhone units in the March quarter. "Although we are at the low end of consensus iPhone estimates, we believe the Street will continue to trim down their estimates," he wrote. "We believe the lack of iPhone shipment growth, along with tough comps for services revenues, will lead to estimates coming down."

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Will Apple's (AAPL) New Marketing Strategy Drive Sales?

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Reportedly, Apple AAPL has undertaken new marketing strategy like promotional discounts and trade-ins to bolster iPhone sales in the holiday season.This move comes in view of lower-than-expected demand for latest iPhones, which were launched in September and October. Waning demand was evident from the fact that total iPhone unit sales of 46.89 million remain unchanged year over year in the last reported quarter.Moreover, adding to the concerns, U.S. President Donald Trump has threatened to impose tariff on all remaining imports from China, which is expected to include Apple’s flagship iPhone that has so far been successful in avoiding tariffs. Notably, the company assembles iPhone in China, primarily to take advantage of the country’s abundant low-cost labor.Although the temporary truce is a relief for Apple, there is still uncertainty over the conclusion of the trade war. Moreover, sluggish demand has forced many of its suppliers like Lumentum LITE and Cirrus Logic CRUS to lower their outlook.Per Bloomberg, the company has been shifting its marketing staff as well as lowering price to revive dwindling sales of iPhone just around the launch of iPhone XR in October.

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