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Apple Inc AAPL shares are trading lower Thursday amid overall market weakness. Additionally, Needham lowered its first quarter and full-year 2023 estimates.
What Happened: Needham cut estimates on Apple, citing weak macro demand trends, supply chain issues and geopolitical pressures between the U.S. and China. Needham said the latter is expected to lead to weak iPhone demand in China.
The analyst firm cut its first-quarter revenue estimates by 4% and first-quarter earnings estimates by 8%. Full-year revenue is now expected to be 2% lower than previous expectations, while full-year earnings are expected to be 4% lower.
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What Else: Several stocks are trading lower amid ongoing concerns of an overheating economy and tight labor market.
Last week, the Federal Reserve raised its target fed funds rate by 0.5% and signaled that it still needs “substantially more evidence” that inflation is trending down.
Thursday on CNBC’s “Squawk Box,” billionaire hedge fund manager David Tepper noted that investors need to pay attention to what central banks are signaling.
“I think the upside/downside just doesn’t make sense to me when I have … so many central banks telling me what they’re going to do,” Tepper said.
He expects central banks to keep rates high for “a while.” As a result, he is “leaning short” on equities. Tepper’s comments may be adding to Thursday’s selloff.
AAPL Price Action: Apple has a 52-week high of $182.94 and a 52-week low of $129.04.
The stock was down 3.22% at $131.10 at time of publication, according to Benzinga Pro.
Photo: courtesy of Apple.
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Image and article originally from www.benzinga.com. Read the original article here.