Apple sits at the top of an immense food chain of tech companies that supply it from Europe, Asia and the U.S., and almost all are being hit hard.
Cook issued the letter after the stock market closed Wednesday. On Thursday morning, Apple’s stock dropped $14.69, or 9.3 percent, to $143.23.
A rare call by Apple to walk back its quarterly revenue projections is weighing broadly on U.S. markets, and particularly the tech sector.
Shares of Apple Inc. are down 9 percent before the opening bell Thursday, and the S&P tech sector is by far the worst performer with less than an hour before trading begins.
Apple sits at the top of an immense food chain of tech companies that supply it from Europe, Asia and the U.S., and almost all are being hit hard. STMicroelectronics, based in Paris, plunged 14 percent. Broadcom Inc. in Silicon Valley dropped 4 percent, as did the Taiwan Semiconductor Manufacturing Co.
In a letter to the company shareholders after the stock market closed Wednesday, Apple CEO Tim Cook traced most of the damage to China, which is squaring off with the U.S. in a trade war just as its economy begins to show signs of slowing.