Economic news

Apple stocks on upturn with falls seen as buying opportunity

Cupertino firm’s shares bounced back yesterday after a lengthy decline as Katy Huberty of Morgan Stanley said the selloff of the past few days had been an overreaction that produced an advantageous opportunity for buying.

During last five trading days the tech giant’s shares have plummeted 11%. Apple’s market capitalization lost near $213 bln from the all-time record reached on October 3.

The steep falls were caused by statements from the company’s suppliers like Qorvo, AMS AG, and Lumentum, which reduced their estimates for future earnings, stirring up concerns that Apple could be decreasing iPhone production.


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