Apple (AAPL) Tests $100 Level as Slowness Seen Across Supply Chain
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Apple (NASDAQ: AAPL) is lower again this morning and is testing the $100 psychological support level as potential layoffs at a key supplier essentially confirm yesterday's reports that the company is cutting its iPhone 6S/6S+ build plans for the March quarter. In addition to company specific news, markets in Asia are weak and U.S. stock futures are indicated sharply lower in part on news that North Korea said it successfully tested a miniaturized hydrogen nuclear device on Wednesday.
A Wall Street Journal article overnight notes that Apple supplier Foxconn was promised more than $12 million in subsidies to minimize layoffs at its operation, citing government documents. These subsidies came after Foxconn began dismissing some workers there earlier than usual for the Chinese Lunar New Year break, the Journal reported citing sources.
Apple shares last traded down 2.4% to $100.26.
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