Apple Recap: Foxconn Freeze, Lawsuit Deadline, iPhone Victory
It was a bad for Apple (NASDAQ:AAPL) stock, which started tumbling in premarket trades after manufacturing partner Foxconn was said to have halted hiring. The decline continued through the day, with shares falling 2.42 percent down to $448.85 by end of day. Here’s a cheat sheet to the top stories around the stock on the day:
Apple Hurt by Foxconn Freeze
Apple’s stock reacted quickly, and negatively, to news reports that its main manufacturing partner, Foxconn, had frozen recruiting due to a slowdown in iPhone 5 production. However, according to Bloomberg, the pause may simply be related to adjustments around the Chinese New Year.
Foxconn put a freeze on recruitment until the end of March after more employees returned from the Chinese New Year break than a year earlier, company spokesman Bruce Liu said. It was not related to iPhone 5 production, he said.
Foxconn is China’s largest private sector employer and the biggest assembler of Apple products. Later, UBS said in a research note that the freeze may be related to Hewlett-Packard (NYSE:HP) products… (Read more)