It's going to be a tough day for technology stocks Thursday after Apple warned about first quarter results.
The Invesco QQQ Trust, which track the tech heavy Nasdaq-100 Index, lost 1.5 percent in after hours trading. Apple shares were still halted and will resume trading shortly. The S&P 500 ETF Trust lost 0.8 percent in extended trading.
Apple said it sees first quarter revenue of $84 billion vs. previous guidance of a range of $89 billion and $93 billion. Analysts expected revenue of $91.3 billion, according to the consensus estimate from FactSet. Apple blamed most of the revenue shortfall for struggling business in China.
Chip stocks Advanced Micro Devices, Skyworks and Qorvo all dropped in after hours trading on the Apple warning.
This shouldn't be a total surprise for investors, who punished tech stocks in the fourth quarter on fears that Apple's business was struggling, especially in China. A number of analysts had come out and cut their estimates and price target on Apple last quarter.
This is a developing story. Check back for updates.
from Top News & Analysis https://cnb.cx/2R5tBeH
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