Business

Apple Slumps on Report It Scrapped Manufacturing Hike


Shares of


Apple


and its key suppliers fell Wednesday on a report that said the tech giant was scrapping plans to increase production of its latest iPhones this year due to weaker-than-expected demand.



Apple



(ticker: AAPL) stock was down 3.9% in premarket trading and shares in some of the company’s U.S. suppliers also were under pressure.


Qualcomm


(QCOM) stock pointed 3% lower,


Micron Technology


(MU) shares were down 2.2%, and


Skyworks


Solutions (SWKS) fell 3%.



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