Apple’s warning seemed to be having an effect on any company that does big business in China. Caterpillar shares were down more than 3 percent after hours. Boeing shares dropped 2 percent.
“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Cook wrote in a letter to investors on the warning. “We believe the economic environment in China has been further impacted by rising trade tensions with the United States. As the climate of mounting uncertainty weighed on financial markets, the effects appeared to reach consumers as well, with traffic to our retail stores and our channel partners in China declining as the quarter progressed.”
Stocks were little changed during their first day of 2019 on Wednesday. This follows a year when the S&P 500 and Dow Jones Industrial Average were down 6.2 percent and 5.6 percent, respectively, in their worst performance in a decade. he S&P 500 and Dow Jones Industrial Average were down 6.2 percent and 5.6 percent, respectively, for 2018.
They’ll continue their slide on Thursday.
“This piles on to existing anxiety of a slowdown in global growth,” said Jeff Kilburg of KKM Financial. “Apple can be used as a proxy to China’s growth.”
from Viral News Reports http://bit.ly/2SwckYQ
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