Apple, Fitbit Weakness Drive Down Suppliers

Apple Inc. AAPL shares have been trading 2.5% lower, after a report was issued that the South Korean and Japanese companies believe Apple is looking to reduce production of their latest iPhone model by as much as 30% in this coming quarter.

Many suppliers rely on Apple iPhone output and are feeling the pressure from reports of this recent cut. Here are Apple's main vendors and their losses on the day so far:

• Avago Technology AVGO- Down 2.06% at $134.66/share
• Micron Technology, Inc MU- Down 2.16% at $14.51/share
• Cirrus Logic, Inc. CRUS- Down 1.31% at $27.22/share
• NXP Semiconductors NV NXPI- Down 2.91% at $80/share
• Skyworks Solutions SWKS- Down 2.81% at $71.23/share
• ARM Holdings plc ARMH- Down 2.11% at $42.71/share

Apple is not the only company who's recent news is driving down the stock of its suppliers. Fitbit Inc FIT, announced their new wearable product called 'Blaze', which the market received poorly, driving the stock from a high of $30.96 to $22.93/share this morning. Flextronics International Ltd. FLEX, a key supplier to Fitbit wearable products, is showing weakness in sympathy to Fitbit's new 'Blaze' product, trading down 2.15% at $10.91/share.

Overall, semiconductors seem to be struggling with these recent company announcements, as Market Vectors Semiconductor ETF SMH currently is trading down 1.84% at $51.27 this morning.