 "Apple falls third day as iPhone woe cuts $40 billion in value")
Apple Inc fell for a third straight day amid concern that demand is waning for the iPhone, its bestselling product, shaving about $40 billion from the company's market capitalisation so far this year.
Shares of the world's most valuable company fell below $100 for the first time since October 2014. They were trading at $98.20 at 9:34 am in New York Thursday. The stock has lost more than four per cent so far in 2016 after declining 4.6 per cent in 2015. Over the past month analysts at firms including Morgan Stanley, JPMorgan Chase & Co and UBS AG have cut estimates of iPhone shipments, based on weaker demand for upgrades to the 6s and 6s Plus, which debuted in September, and saturation in some developed markets.
Concern was fanned again this week after Japan's Nikkei Asian Review reported that the US company would reduce the output of its latest iPhones by about 30 percent in the first quarter, a number that surprised many analysts.
Shares of the world's most valuable company fell below $100 for the first time since October 2014. They were trading at $98.20 at 9:34 am in New York Thursday. The stock has lost more than four per cent so far in 2016 after declining 4.6 per cent in 2015. Over the past month analysts at firms including Morgan Stanley, JPMorgan Chase & Co and UBS AG have cut estimates of iPhone shipments, based on weaker demand for upgrades to the 6s and 6s Plus, which debuted in September, and saturation in some developed markets.
Concern was fanned again this week after Japan's Nikkei Asian Review reported that the US company would reduce the output of its latest iPhones by about 30 percent in the first quarter, a number that surprised many analysts.