Apple stock got off to a slow start in 2023 as shares fell on a report that the company has cut MacBook, Apple Watch and AirPod orders from Asian suppliers. Fiscal first-quarter earnings for Apple (AAPL) are due in late January.


According to Apple Insider, the tech behemoth has reduced orders from suppliers for almost all of its products.

Shares fell 3.4% in morning trading on the stock market today. Apple stock tumbled 28% in 2022.

Apple’s fiscal fourth-quarter earnings and revenue beat Wall Street’s targets, due to strong iPhone and Mac computer sales. But iPad sales declined 13% to $7.2 billion. Smartphones accounted for 47% of the company’s total sales in the period.

Apple Stock: Market Valuation Takes Big Hit

On Jan. 3, 2022, Apple stock hit a market value of $3 trillion in intraday trading for the first time. With today’s sell-off, the market valuation of AAPL stock fell below $2 trillion.

Economist Ed Yardeni in a report on Jan. 2 noted that the market capitalization of the “MegaCap 8” tech stocks fell 41.4% in 2022 to $7.1 trillion.

That includes Apple stock, along with shares of Alphabet (GOOGL), (AMZN), Meta Platforms (META), Microsoft (MSFT), Netflix (NFLX), Nvidia (NVDA) and Tesla (TSLA) —

Apple stock holds a Relative Strength of 28 out of a best-possible 99, according to IBD Stock Checkup.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.


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