While the overall market was unchanged today, Apple (AAPL) shares fell 2.5%, or about $4.50 a share. Apple ended the day trading at $170.57.
The decline comes after a new report from a Taiwanese newspaper said Apple would lower their iPhone X forecast. The newspaper had no named sources. Investors have been expecting a so-called ‘super-cycle’ this quarter, meaning Apple would sell record amounts of iPhones. According to the report, Apple didn’t sell or doesn’t expect to sell enough iPhone X’s to match their forecasts.
Also in the news, Barron’s predicted that Apple would become a $1 trillion company in 2018, a 12% increase from their current market cap.
You can read a full report by CNBC here.
Holden Casey owns shares in Apple (AAPL).