Apple (AAPL) Slashes iPad Orders -JPMorgan
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Rating Summary:
45 Buy, 29 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 11 | New: 17
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According to a J.P. Morgan research note Monday morning, Apple's (Nasdaq: AAPL) iPad outlook may have gotten gloomier.
The firm's electronic manufacturing services team in Hong Kong sees Apple cutting supply chain orders for it's new iPad by as much as 25 percent. The analyst said sources connected to iPad production (Foxconn) hinted that orders have been reduced over the past two weeks. No other supply chain sources were named in the report.
Shipments may be reduced by as much as 13 million units in the fourth quarter, from 17 million units shipped in the third quarter.
JPMorgan's U.S. analyst Mark Moskowitz still has shipments of 10.9 to 12 million units projected for the third and fourth quarters.
The reduce orders could reflect the weakening demand environment in Europe due to the economic crisis there. The data could also suggest a supply chain adjustment ahead of a still unannounced iPad 3.
Shares of Apple are down 1 percent to $400 per share in pre-open action Monday.
The firm's electronic manufacturing services team in Hong Kong sees Apple cutting supply chain orders for it's new iPad by as much as 25 percent. The analyst said sources connected to iPad production (Foxconn) hinted that orders have been reduced over the past two weeks. No other supply chain sources were named in the report.
Shipments may be reduced by as much as 13 million units in the fourth quarter, from 17 million units shipped in the third quarter.
JPMorgan's U.S. analyst Mark Moskowitz still has shipments of 10.9 to 12 million units projected for the third and fourth quarters.
The reduce orders could reflect the weakening demand environment in Europe due to the economic crisis there. The data could also suggest a supply chain adjustment ahead of a still unannounced iPad 3.
Shares of Apple are down 1 percent to $400 per share in pre-open action Monday.
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