Bears Look for Fresh Meat in Apple (AAPL) Suppliers
An number of companies that benefited from the rise of Apple (Nasdaq: AAPL) are suffering as a result of the company's dramatic fall from grace. Since topping out at $700 in September, prior to the iPhone 5 launch, shares of Apple have been decimated, and now trade at a paltry $500 per share.
Today the iPhone 5 launched in China and UBS cut estimates on more conservative growth expectations. Investor's reaction? – sell Apple and anything related.
As a result, a number of Apple-related stocks are getting hammered. These include" Skyworks Solutions Inc. (Nasdaq; SWKS), Avago Technologies Limited (Nasdaq: AVGO), Cirrus Logic Inc. (Nasdaq: CRUS), TriQuint (NASDAQ: TQNT) and QUALCOMM Incorporated (Nasdaq: QCOM). The bears, it seems, are on the hunt for fresh meat.
Today the iPhone 5 launched in China and UBS cut estimates on more conservative growth expectations. Investor's reaction? – sell Apple and anything related.
As a result, a number of Apple-related stocks are getting hammered. These include" Skyworks Solutions Inc. (Nasdaq; SWKS), Avago Technologies Limited (Nasdaq: AVGO), Cirrus Logic Inc. (Nasdaq: CRUS), TriQuint (NASDAQ: TQNT) and QUALCOMM Incorporated (Nasdaq: QCOM). The bears, it seems, are on the hunt for fresh meat.