Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Tech Down as Apple Slides on Bank of America Downgrade -- Tech Roundup

09/29/2022 | 05:38pm EST

Shares of technology companies fell sharply as traders retreated from a sector perceived as risky.

Apple shares fell by almost 5% after analysts at brokerage Bank of America Global Research cut their ratings on the iPad and iPhone maker, citing the diminished outlook for consumer spending. Pessimism about Apple's earnings was already mounting after a Bloomberg report earlier in the week that it had reversed plans to increase production of the iPhone 14.

"It's hard to believe, in an inflationary environment, with costs going higher, that it wouldn't affect demand for items that cost $800, $900," said JJ Kinahan, chief executive of IG North America, the parent company of options firm tastytrade.

A pandemic-era trade where investors bought any dips in Apple and Microsoft because of their reputation for rapidly bouncing back is now a thing of the past, said Mr. Kinahan.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

09-29-22 1737ET

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -1.96% 148.11 Delayed Quote.-14.92%
BANK OF AMERICA CORPORATION 0.24% 37.7 Delayed Quote.-15.26%
MICROSOFT CORPORATION -0.04% 247.49 Delayed Quote.-26.39%
Latest news "Economy"
03:44aFormer Ivory Coast militia leader Ble Goude returns home after exile
RE
03:38aShell's Nigeria unit begins limited crude exports from Bonny terminal
RE
03:36aBlank sheets of paper become symbol of defiance in China protests
RE
03:29aUganda's president extends Ebola epicentre's quarantine for 21 days
RE
03:00aIn Washington, Macron to seek relief for Europe Inc amid China competition
RE
02:43aThousands throng Anime Festival in Singapore after long COVID hiatus
RE
02:01aRussia to bar foreigners from using its surrogate mothers - lawmaker
RE
01:59aGazprom to ship 42.6 mcm of gas to Europe via Ukraine on Sunday
RE
01:25aElon Musk Says "I Think I See A Path To Twitter Exceeding A Billion Monthly Users In 12 To 18 Months" - Tweet
RE
01:25aElon musk says "i think i see a path to twitter exceeding a bill…
RE
Latest news "Economy"