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Apple plunges as TF cuts iPhone shipments estimates

17:25 29 November 2022

Apple Inc (AAPL.US) stock erased premarket gains  and is trading  1.6% lower after TF International Securities analysts lowered their  iPhone shipments expectations for the current quarter as they expect potential supply chain issues caused by the labour protest in the Zhengzhou iPhone plant.

The analysts estimate that the total iPhone 14 Pro and 14 Pro Max shipments in the fourth quarter of 2022 will be around 15 to 20 million units lower compared to previous estimates. At the same time iPhone shipments are expected to decrease approximately 20%, between 70 to 75milion units, well below market projections of 80 to 85milion units.

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Additionally ongoing disagreements with Elon Musk over App Store fees and free speech limitations weigh on sentiment towards Apple stock.

Apple Inc (AAPL.US) stock price recently broke below major support at $146.00 and if current sentiment prevails, downward move may deepen towards next support at $133.90, which coincides with 38.2% Fibonacci retracement of the upward wave launched from pandemic lows. Source: xStation5

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