Apple's stock heads for 5th straight loss after disappointing results
Apple Inc.'s stock slumped 0.7% toward a one-month low in morning trade Tuesday, erasing an earlier brief gain of as much as 0.2%, to put it in danger of a fifth straight loss following disappointing fourth-fiscal-quarter results. The stock has now lost 4.6% since Apple reported results after the Oct. 25 close, when the stock ended at a 10 1/2-month high. UBS analyst Steven Milunovich wrote in a research note out Tuesday that results of a semiannual global smartphone survey showed that demand was strong in the U.S. for Apple's iPhone 7 model, but China was showing signs of weakness. He said "slower upgrading and lower China interest" limit the upside in iPhone 7 sales. He reiterated his buy rating on the stock and $127 price target. The stock has climbed 7.1% year to date, while the SPDR Technology Select Sector ETF has run up 11% and the Dow Jones Industrial Average has gained 4%.
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