Shares of Apple component suppliers trade lower in response to the company's iPhone 5 sales data.
The morning, shares of the world’s largest company Apple Inc.(NASDAQ:AAPL) opened lower on Monday after disclosing below estimated sale numbers of its recently launched iPhone 5 during the weekend.
Shares of Apple Inc.(NASDAQ:AAPL) fell about 2% in first hour as the company said that it managed to sell 5 million of iPhone 5 during the opening week, which is not at all an impressive numbers compared to analysts target of 6-10 million during the weekend. If that’s not enough, the analyst’s target of 6 million was set for the worst case scenario. So a sell of 5 million is fueling further panic among investors at large considering the heavy success rate of Apple’s new launch in the past.
Like in the past, expectations were huge from the company’s latest development as the pre-order run out of stock in just an hour. After today’s fall, the stock has erased its entire gain in the past week.
In other news, Apple Inc. supplier Foxconn Technology Group ordered one of its Chinese factories closed Monday after a dormitory brawl reportedly escalated into a violent riot that took several hours to bring under control.
Will AAPL Hit $1000 This Year? Don’t Miss Our Special Report here
Cirrus Logic, Inc.(NASDAQ:CRUS) slid 3.50% to $40.55, Cirrus Logic, Inc.(NASDAQ:CRUS lost 3.21% to $34.35, Broadcom Corporation(NASDAQ:BRCM) was down 1.50% and TriQuint Semiconductor(NASDAQ:TQNT) slid 2.10%.