>> A rotten day for Apple's Asian suppliers as stocks fell on Tuesday. That after a media report the iPhone maker warned assemblers to halt plans for more production of its newest XR model. Taiwan's Pegatron fell 5%, rival Foxconn down 3.6%. Apple's own shares had already fallen nearly 4% on Monday, as concerns grow the iPhone XR faces weak demand just days after it went on sale.
Apple began shipping the relatively cheap model on October 26th after two weeks of pre-orders. The higher priced iPhone XS and XS Max were launched a month before that. Apple CEO Tim Cook told investors XS sales had got off to, quote, a really great start. But last week, Apple's results disappointed.
Shares have dropped around 10% in a week, and the firm is no longer a trillion dollar company. Apple also said the busy holiday period would likely miss analysts' expectations, as sales in emerging markets, where Apple is hoping the cheap XR will sell better, were weak.