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A company spokesman told Bloomberg that the freeze was related to an unprecedented rate of return of employees following the Chinese New Year holiday compared to years past. However, Apple shares were in the red for most of the day following the news. The iPhone is Apple’s most sold product and accounts for half its revenue.
Milunovich has a Buy rating on Apple stock, which has been in trouble over the last few months and has lost more than a third of its value since reaching record highs in mid-September.
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