Apple’s surprise pre-announcement on Wednesday, alerting financiers that quarterly profits will can be found in a minimum of $5 billion listed below expectations, sent out shockwaves throughout business and investing world.
Apple’s stock rapidly fell 7% in after hours trading. And it appears to have actually dragged down much of its tech peers with it.
Here’s how some leading tech stocks are carrying out after-hours on Wednesday:
Apple blamed slowing need for iPhones in China for a bargain of its problems, which might be scaring financiers in other business with companies that are connected to China.
However even business without apparent China direct exposure, such as Facebook which is prohibited in China, swam in after hours trading. It’s a reflection of Apple’s value and status in the tech market. And for lots of financiers, the preliminary takeaway seems that what’s bad for Apple is bad for tech.