An interesting morning in the market as Apple's (AAPL) implosion continues. The stock is down another 3.5% this morning on iPhone component news in premarket as it revisits $500. You can see the stock has visited this level a few times in the past few months, and this puts a 12 month return on the stock near to 0%.
- Apple's orders for iPhone 5 screens for the January-March quarter, for example, have dropped to roughly half of what the company had previously planned to order, the people said. The Cupertino, Calif., company has also cut orders for components other than screens, according to one of the people. Apple notified the suppliers of the order cut last month, the people said.
An interesting situation going into earnings.
As for the general market thus far 2013 has been all about the first day of the year. Since then it's just been sideways action as overbought conditions stay mostly overbought. After jumping back into the ascending channel on the first day of the year, the S&P 500 continues to stick within the upper third of the range. There is an obvious gap to fill (not seen on chart below) so we'll see if this is something that happens soon or down the road.
Economic news is relatively light stateside but investors will be watching China GDP and earnings reports which begin hot and heavy this week.
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