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Reports on Wednesday suggested Foxconn received a subsidy of several million dollars because of slower iPhone 6s demand, along with talk that the key Apple Inc. (NASDAQ: AAPL) supplier commenced holiday break early because of reduced production.
According to Bloomberg, the company said any subsidies received were for the 2014 fiscal year, not any time after that. The company also said it didn't send employees home early for the Lunar New Year.
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Story Not New
What's this mean for Apple? "[W]e are not convinced that this particular story carries any new information or is linked to Apple’s production plans," JPMorgan's Rod Hall said in a Thursday note to subscribers. The analyst holds an Overweight rating on Apple with a $145 price target.
Shares opened Thursday's trading below $100 per share for the first time since mid-2015. A recent analysis from Evercore's Rich Ross revealed Apple could not have technical support unitl the $72 level. Hall, who didn't change his rating on the stock, still expressed concern over the iPhone.
Weakness Still Seen
"Apple is likely continuing to reduce production expectations for H1 as macro demand continues to weaken," he concluded.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.