Apple stock falls; a delay in production resuming at Foxconn would be 'shock to the system,' analyst says - MarketWatch

Shares of Apple Inc. AAPL, -1.36% fell 0.9% in premarket trading Monday, to extend the pullback from last week's record close, amid concerns over the impact of suppliers closing facilities in China because of the coronavirus outbreak. Wedbush analyst Dan Ives said media reports saying production at key supplier Foxconn, which was scheduled to resume production on Monday, have been delayed "will be a shock to the system and disrupt the supply chain further for Apple on both its core iPhone franchise and AirPods unit production, which is already facing a short supply heading into this week." Foxconn stated on its website: "We are also working with the local governments to facilitate the necessary preparations for our employees to safely return to work. The operation schedules for our facilities in China follow the recommendations of the local governments, and we have not received any requests from our customers on the need to resume production earlier." Ives reiterated his outperform rating on Apple and his $400 stock price target. The stock has rallied 9.0% year to date while the Dow Jones Industrial Average DJIA, -0.94% has gained 2.0%.

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2020-02-10 12:35:00Z
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