Market Overview

Strength In Apple Shares Not Translating To Its Suppliers And Carriers

Strength In Apple Shares Not Translating To Its Suppliers And Carriers

Conventional wisdom dictates if Apple Inc. (NASDAQ: AAPL)'s stock gains on strong iPhone 7 pre-order commentary, then the wireless carriers and suppliers might also see their stocks move higher.

Tuesday's trading action should serve as another reminder of how unpredictable the stock market can be.

Apple's stock is higher by nearly 3 percent after T-Mobile US Inc (NASDAQ: TMUS) said the total number of pre-orders for the iPhone 7 rose four times compared to the next most popular iPhone.

Related Link: Apple's Stock Erases September Event Losses As iPhone 7 Pre-Orders Set Records

However, shares of T-Mobile were trading lower by nearly 2 percent. Shares of Sprint Corp (NYSE: S) were lower by nearly 4 percent, even though the company said customers are placing orders for the iPhone 7 at a rate that is nearly four times greater than the same period a year ago.

Verizon Communications Inc. (NYSE: VZ) and AT&T Inc. (NYSE: T) didn't communicate with investors any iPhone 7 pre-order data but there stocks were lower by 3.61 percent and 1.62 percent, respectively.

Apple's Supply Chain

Many companies involved in Apple's supply chain were also trading lower on Tuesday:

  • Jabil Circuit Inc. (NYSE: JBL), a phone casing supplier, saw its shares trade lower by 0.30 percent.
  • Cirrus Logic, Inc. (NASDAQ: CRUS), an audio processing company, was lower by about 0.6 percent.
  • Micron Technology, Inc. (NASDAQ: MU), a memory module supplier, saw its shares trade lower by more than 1.50 percent.
  • Corning Incorporated (NYSE: GLW), a glass and ceramics supplier, saw its shares trading nearly flat.
  • Diodes Incorporated (NASDAQ: DIOD), a supplier to the semiconductor market, saw its shares trade lower by around 0.50 percent.
  • Qorvo Inc (NASDAQ: QRVO), a radio frequency supplier, saw its shares trade nearly flat.
  • Vishay Intertechnology (NYSE: VSH), a supplier of discrete semiconductors and passive components, saw its shares trading nearly flat.

Posted-In: Apple Apple stock Apple Supply Chain iPhone 7 Pre OrdersNews Movers Tech Trading Ideas Best of Benzinga


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