Stocks fell on Tuesday as the coronavirus outbreak forced Apple to announced it won't meet its guidance.
 | TUE, FEB 18, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 319.00 | -5.95 | -1.83% | | MSFT | 187.23 | +1.88 | +1.01% | | XOM | 59.88 | -0.77 | -1.27% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 56.89 | +1.58 | +2.86% | | F | 8.06 | -0.04 | -0.49% | | GE | 12.75 | -0.08 | -0.62% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 56.89 | +1.58 | +2.86% | | AAPL | 319.00 | -5.95 | -1.83% | | MSFT | 187.23 | +1.88 | +1.01% | |
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The coronavirus outbreak continues to break down global supply chains, resulting in a warning from Apple on Tuesday that the iPhone maker does not expect to meet its own guidance for the March quarter. Apple's factories in China are ramping back at a slower pace than anticipated, and its stores there either remain closed or they're seeing fewer customers, the company said. Shares of the most valuable company in the U.S. fell as much as 3% after the warning, though they rebounded from their lows later in the day. Other technology stocks were down on the news, including Qorvo, a radio frequency chip supplier for Apple, and Skyworks Solutions, which gets about half of its sales from Apple.  It was enough to pull down the Dow Jones Industrial Average and the S&P 500 on Tuesday - the first trading day of the week after the Presidents Day holiday. The Dow and S&P, however, remain just below their all-time highs. The market continues to be complacent in the face of an unpredictable outbreak that some warn could turn into a pandemic. Even Apple's troubles are considered transitory. "We think almost all of the production and most of the demand is likely to be recaptured once Apple's manufacturing partners are able to return to full production, and once retail facilities in China return to normal," Chris Caso, an analyst at Raymond James, said in a note. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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