The coronavirus outbreak will hurt Q1 earnings. Here's why investors shouldn't freak out just yet

"This could be a very short-lived one-quarter blip," JJ Kinahan, chief market strategist at TD Ameritrade told CNN Business. It's hardly surprising that a company as heavily reliant on producing and selling in China would feel the impact of the outbreak. But Apple 's announcement was significant because the trillion dollar firm is the first major US business to specifically notifiy its investors that it will take a hit.

Semiconductor companies led the best performing stocks last year, even though their big exposure to China made them vulnerable to the US-China trade war. This year, the coronavirus outbreak has replaced that concern, Kinahan said.For some American companies, the obstacle is in their supply chain rather than their end market.

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