Apple's stock falls after Guggenheim downgrades, cuts earnings outlook [MarketWatch]
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Source: MarketWatch
Apple's stock falls after Guggenheim downgrades, cuts earnings outlook Shares of Apple Inc. AAPL, +0.86% fell 0.4% in premarket trade Wednesday, which puts them in danger of a fifth-straight decline, after the technology giant was downgraded by analyst Rob Cihra at Guggenheim Securities, who said rising average selling prices (ASPs) was "no longer enough" to offset declining iPhone units. Cihra cut his fiscal 2019 earnings estimate to $12.97 a share from $13.41--the FactSet consensus is $13.41--and his revenue estimate to $273 billion from $281 billion. "Over the past 10 years, Apple's iPhone ASP has increased a dramatic +$220, or 40%, reflecting its growing value to both consumer and business markets, but nearly half of all that just came in [fiscal year 2018] alone, making a period of digestion now likely," Cihra wrote in a note to clients. Apple's stock has tumbled 8.4% over the past four sessions to close at a 3 1/2-month low amid growing concerns over slowing iPhone demand . I
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