Apple Inc. AAPL shares are trading lower by $4.00 (2.7 percent) at $155.76 in Thursday's session.
The catalyst for the decline is a report that says iPhone8 production was cut in half, according to an unnamed supply chain source.
See Also: 20 Apple Suppliers To Watch Following iPhone 8 News
After a much lower open, Apple could manage a 33-cent bounce to $157.08 before continuing its move lower. That high is well shy of the lower-end of Wednesday's range, which was at $159.60.
The follow through on the decline has taken the stock to $155.26 and so far hasn't been able to return to the $156.00 handle. That low comes in just above its Oct. 10 low of $155.10. If the decline continues, the next daily support level doesn't come in until its Oct. 6 low of $154.56.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.