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Qualcomm, Apple Slide After JPMorgan Cuts Them From Focus List -Breaking

by Mike Robinson

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© Reuters

Sam Boughedda

Investing.com – Apple (NASDAQ) and Qualcomm (NASDAQ:) shares dipped Friday after JPMorgan analyst Samik Chatterjee removed the companies from the firm’s “Analyst Focus List.”

Apple stock fell 0.8% on Friday while Qualcomm shares dropped over 5%.

The analyst commented on Apple and said that moderate consumer spending would temper the expectations following the launch of the iPhone SE. According to the analyst, Apple services may be affected by gaming in China. 

Apple’s comments follow earlier reports that it would reduce production of the iPhone SE because demand is high.

Qualcomm was mentioned by the analyst as likely to feel the negative effects of weakening in the smartphone market. This is especially true for low-to-mid-end Android phones.

Chatterjee stated that there was “a lot noise about demand weakness across global technology, but we believe that the macro weakness in the sector will have a more significant impact on the consumer end markets.”

JPMorgan has a rating of “better-than peer group resilience to consumer weaken” and JPMorgan is still rated as overweight.

 

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