Courtesy of Benzinga.
Apple Inc. (NASDAQ: AAPL) shares are trading lower by $4.00 (2.7 percent) at $155.76 in Thursday’s session.
The catalyst for the decline is a report that says iPhone8 production was cut in half, according to an unnamed supply chain source.
See Also: 20 Apple Suppliers To Watch Following iPhone 8 News
After a much lower open, Apple could manage a 33-cent bounce to $157.08 before continuing its move lower. That high is well shy of the lower-end of Wednesday’s range, which was at $159.60.
The follow through on the decline has taken the stock to $155.26 and so far hasn’t been able to return to the $156.00 handle. That low comes in just above its Oct. 10 low of $155.10. If the decline continues, the next daily support level doesn’t come in until its Oct. 6 low of $154.56.
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