{"id":99318,"date":"2018-11-12T23:45:59","date_gmt":"2018-11-12T23:45:59","guid":{"rendered":"https:\/\/www.bnreport.com\/apple-tech-sector-crushed-by-weak-forecasts\/"},"modified":"2018-11-12T23:45:59","modified_gmt":"2018-11-12T23:45:59","slug":"apple-tech-sector-crushed-by-weak-forecasts","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/apple-tech-sector-crushed-by-weak-forecasts\/","title":{"rendered":"Apple, tech sector crushed by weak forecasts"},"content":{"rendered":"

US stocks<\/a> fell for a third day on Monday, as a slump in Apple Inc shares following weak forecasts from two of its suppliers hit the technology sector. <\/p>\n

The iPhone maker fell 3.8 percent after laser sensor maker Lumentum Holdings Inc slashed its forecast, saying a large unnamed customer had materially cut orders, while screen maker Japan Display<\/a> Inc lowered its full-year outlook on weaker demand from smartphone makers. <\/p>\n

Lumentum plunged 30.9 percent and shares of other iPhone suppliers including chipmaker Cirrus Logic<\/a> Inc, Qorvo Inc and Skyworks Solutions<\/a> Inc fell between 3 percent and 10 percent. <\/p>\n

The S&P 500 Information Technology index fell 2.0 percent, while the Philadelphia SE Semiconductor index dropped 3.3 percent. <\/p>\n

U.S. stock futures earlier held steady as Brent crude prices rose 0.9 percent after Saudi Arabia, the world's largest oil exporter, said it would cut its shipments in December. <\/p>\n

The S&P 500 Energy index rose as much as 0.3 percent before turning lower. <\/p>\n

"Oil seems to be causing some jitters right now because they have been volatile," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. <\/p>\n

"It should help energy stocks yes, but whether or not it helps the overall market, that correlation is not clear a whole lot of times." <\/p>\n

Investors are also headed into a week that is heavy on retail earnings from companies including Walmart<\/a> Inc <\/p>\n

Reports from a host of major U.S. companies have shown the impact of tariffs and a slowdown in China on corporate profits. Earnings from major retailers are expected to show how rising wages are eating into margins. <\/p>\n

Wage pressures could increasingly be an issue as earnings-per-share growth for S&P 500 companies is expected to slow to about 9 percent next year following 2018's tax cut-fueled earnings gains of about 24 percent, according to IBES data from Refinitiv. <\/p>\n

At 10:00 a.m. ET the Dow Jones Industrial Average was down 204.55 points, or 0.79 percent, at 25,784.75, the S&P 500 was down 24.47 points, or 0.88 percent, at 2,756.54 and the Nasdaq Composite was down 115.71 points, or 1.56 percent, at 7,291.19. <\/p>\n

Nine of the 11 major S&P sectors were lower, with slight gains seen in the defensive real estate and utilities sectors. <\/p>\n

Tobacco companies Altria Group Inc fell 3.2 percent and Philip Morris International Inc dropped about 1.9 percent after the Wall Street<\/a> Journal reported that the U.S. health regulator is planning to pursue a ban on menthol cigarettes. <\/p>\n

Athenahealth Inc rose 9.5 percent after private equity firm Veritas Capital and hedge fund Elliott Management agreed to acquire the healthcare software maker for $5.5 billion in cash. <\/p>\n

Apptio<\/a> Inc soared 51.6 percent after the software company agreed to be bought by private equity firm Vista Equity Partners for $1.94 billion. <\/p>\n

Declining issues outnumbered advancers for a 1.80-to-1 ratio on the NYSE and a 2.51-to-1 ratio on the Nasdaq. <\/p>\n

The S&P index recorded 23 new 52-week highs and eight new lows, while the Nasdaq recorded 10 new highs and 60 new lows. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf]
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ET Markets<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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