on track for its fifth straight week in the red, a losing streak not seen since mid-2011.Jay Jacobs, head of research and strategy at Global X Funds, says the damage to the economy is getting harder to bounce back from.
Steve Chiavarone, portfolio manager at Federated Investors, says this sell-off is not likely to get as bad as the drop late last year. "There's definitely very near-term impacts — meaning that a lot of things that Tim Cook talked about last quarter, which is that the sentiment towards Apple is positive as they exited the quarter, it's clearly turned negative. He's lucky that this is a low-volume quarter. So let's say China is going to buy 6 million phones, if that gets cut back by 2 million, there's $1.5 billion of revenue that's gone and 15 cents in earnings.
"We do see that there are signs of stabilization. We wouldn't call them green shoots yet, that would be too strong. But we do think the stimulus in the pipeline from China, we think that the fiscal ease that's in the pipeline also in Europe, there's about a four-tenths of a percentage point ease in fiscal policy this year, that will be a positive fiscal impulse. Those things matter for the rest of the world, so we see that we're in a stabilization period.
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