NEW YORK: Apple is headed for its biggest weekly decline this year as the iPhone maker’s profits are seen as particularly vulnerable to a flare-up in the trade war given its reliance on China for production and sales.
Apple has shed about US$75 billion of market value since last Friday, a slide that takes it even further away from the US$1 trillion valuation it appeared close to reclaiming earlier this month. Morgan Stanley on Thursday estimated that in a worst-case trade scenario, Apple could see its earnings drop by nearly a quarter, or US$3 per share.
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Hope for more offers from Apple in the wake of trade wars.