Apple’s Asian suppliers fall on report of canceled iPhone XR production boost

“Apple Inc’s Asian supplier and assembler stocks fell on Tuesday on a media report that the iPhone maker had told its smartphone assemblers to halt plans for additional production lines dedicated to its new iPhone XR,” Reuters reports. “Taiwan-based assembler Pegatron Corp fell 5 percent and rival Hon Hai Precision Industry Co Ltd (Foxconn) dropped 3.6 percent. Apple is widely considered the biggest customer for Foxconn.”
“Apple shares fell nearly 4 percent on Monday after the report by the Nikkei financial daily, which fueled concerns that the iPhone XR – the cheapest of three iPhones unveiled in September – was facing weak demand just days after it went on sale,” Reuters reports. “The Nikkei, citing supply chain sources, said Apple had also asked smaller iPhone assembler Wistron Corp to stand by for rush orders, but the firm would receive no planned orders for the iPhone XR this season. Wistron shares were down 0.8 percent on Tuesday.”
“Apple began shipping the iPhone XR on Oct 26 after two weeks of pre orders. The company had released the higher priced iPhone XS and XS Max more than a month earlier,” Reuters reports. “On Apple’s post-earnings call last week, Chief Executive Tim Cook said he had very little sales data for the iPhone XR, but the other two models had got off to a “really great start.””
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MacDailyNews Take: The very epitome of fake news. Once again. Ad infinitum. Wherever there is an absence of data, stock market manipulators jump in to ply their craft.
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