>> Investors looking for a strong start to 2019 were not given much to cheer about on Wednesday. Stocks had a choppy first session of the year, followed by a bombshell announcement late in the day from Apple. In a letter to investors, Apple CEO Tim Cook warned sales would be lower in the current quarter, Then it's orignal forecast.
Citing economic weakness in emerging markets, especially in China. That sent Apple's stock plunging in after hours trading, putting Apple's stock market value just below 700 Billion dollars. Down 37% from a peak of over one trillion dollars in October. Reuters Stephen Nellis covers Apple for Reuters.>> This developement is really troubling for Apple because the company depends on the greater China region for a pretty good amount of it's sales.
And, particularly, it depends on the iPhone in China to buoy those sales. and Tim Cook said that the iPhone in China is pretty much the entire problem right now, and this comes just after Apple has caused a lot of anxiety among investors, by saying, 'hey, we're not actually going to tell you the number of iPhones we sell anymore, we're just gonna give you an overall hardware revenue number'.
The Apple warning came at the end of a volatile session for stocks. The Dow dropped nearly 400 points early on, then recovered all its losses, teetering between positive and negative territory for the rest of the session before closing with small gains. Hardly the robust performance investors might have been hoping for, after a disastrous December, broughts the S&P 500 to the course of a new bare market.
President's Donald Trump wenesday refered to December's plunge in stocks, as a little glitch. And predicted that the stock markets would rebound once he settles his trade dispute with China.