BREAKING NEWS Baseball legend Hank Aaron passed away at the age of 86 Full Story

Apple rebounds after 5-day stock slide

Apple's five-day losing streak, which wiped about more than 10% of the company's market val...

Posted: Nov 15, 2018 9:51 PM
Updated: Nov 15, 2018 9:51 PM

Apple's five-day losing streak, which wiped about more than 10% of the company's market value, appears to be coming to an end.

Shares of Apple (AAPL) were up more than 2% in late afternoon trading Thursday.

Apple Inc

Business, economy and trade

Companies

Company activities and management

Company earnings

Financial performance and reports

Financial results

Business and industry sectors

Consumer electronics

Consumer products

Electronics

Mobile and cellular telephones

Mobile technology

Smartphones

Technology

The stock took a tumble this month because of growing concern about a slowdown in demand for its latest iPhones. It's fallen 20% from its all-time high.

Apple told investors in its latest earnings report that it would no longer provide unit sales figures for the iPhone and other devices, leading Wall Street to speculate that sales may have peaked.

To make matters worse, a bunch of companies that make chips and other components used in iPhones lowered their forecasts, citing sluggish demand for high-end phones.

Several analysts slashed price targets and earnings estimates for Apple in the past few weeks.

Concerns about soft sales for iPhones may be hurting Apple's overall digital sales.

Research firm eMarketer said in a report Thursday that it now expects Walmart (WMT) to overtake Apple as the third largest e-commerce firm in the United States because Apple's sales growth is forecast to slow. Both companies trail Amazon (AMZN) and eBay (EBAY).

But one influential Wall Street analyst came out in defense of Apple Thursday.

Morgan Stanley's Katy Huberty wrote in a report that the "supply chain noise" about Apple suppliers was creating a buying opportunity for the stock.

Huberty argued that investors are overreacting to the warnings from some components companies and "remain narrowly focused" on unit sales.

She thinks investors are forgetting that Apple' services business, which includes things like the App Store, iCloud, Apple Music and Apple Pay, is growing more rapidly than most other Apple businesses.

The services division generated about $10 billion in sales last quarter.

That business -- which features lucrative recurring subscription revenue -- is much more profitable than the relatively low-margin business of selling phones and other hardware.

California Coronavirus Cases

Data is updated nightly.

Cases: 3095814

Reported Deaths: 35549
CountyCasesDeaths
Los Angeles104602114641
San Bernardino2587421561
Riverside2558082739
San Diego2197312222
Orange2178492546
Santa Clara959361158
Kern87240572
Fresno83591968
Sacramento816871128
Alameda69107842
Ventura63413462
San Joaquin58843788
Contra Costa53349460
Stanislaus43392773
Tulare42186515
Monterey36464255
San Mateo33207309
San Francisco29665274
Solano26191108
Santa Barbara25405243
Imperial25380486
Merced24570316
Sonoma24262242
Kings19588148
Placer17584186
San Luis Obispo16056140
Madera13585151
Santa Cruz12461113
Marin11732159
Yolo10852138
Shasta9750123
Butte9582128
El Dorado788649
Sutter782879
Napa773145
Lassen519916
San Benito504246
Yuba499627
Tehama433244
Tuolumne340340
Nevada323874
Mendocino319232
Amador303631
Lake264631
Humboldt245825
Glenn195520
Colusa17969
Calaveras163723
Siskiyou145713
Mono11244
Inyo98329
Del Norte8672
Plumas5895
Modoc3853
Mariposa3464
Trinity3044
Sierra820
Alpine730
Unassigned00
Chico
Cloudy
46° wxIcon
Hi: 51° Lo: 37°
Feels Like: 42°
Oroville
Cloudy
48° wxIcon
Hi: 49° Lo: 44°
Feels Like: 44°
Chico
Cloudy
46° wxIcon
Hi: 44° Lo: 37°
Feels Like: 42°
Red Bluff
Cloudy
41° wxIcon
Hi: 33° Lo: 22°
Feels Like: 38°
Red Bluff
Mostly Cloudy
41° wxIcon
Hi: 53° Lo: 37°
Feels Like: 38°
Chico
Partly Cloudy
46° wxIcon
Hi: 55° Lo: 36°
Feels Like: 42°
Light rain and snow is expected in your Friday forecast. We'll be mostly dry and warmer on Saturday. A more substantial system with lower snow levels is in your forecast for Sunday into early Monday. Long range models are showing very wet weather for the middle of next week.
KHSL Severe
KHSL Radar
KHSL Temperatures

Community Events