Home Business News Apple stock extends Wall Street decline

Apple stock extends Wall Street decline

by LLB Reporter
12th Nov 18 4:33 pm

Shares in Apple fell to their lowest in more than three months today after the main supplier for its Face ID technology, Lumentum Holdings, slashed revenue and profit forecasts.

Shares in the iPhone maker dropped 4 per cent, wiping $40bn off its market value. While Lumentum shares have dropped more than 30%.

Weakness in Apple’s shares and pressure on tobacco companies are holding back the market.

The Dow Jones was off 29.97 points at 25,959.33, while the S&P 500 slipped 7.08 points to 2,773.93.

Meanwhile, shares in British American Tobacco have also been falling on a report in the Wall Street Journal that the US Food and Drug Administration is set to propose a ban on menthol cigarettes – a major revenue stream in the US for the tobacco company.

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