Apple Inc. (NASDAQ:AAPL): Wall Street is in "the sky is falling" mode following WSJ and Bloomberg reports that China banned iPhone use by employees of government and some state-owned firms

 


Apple stock tumbled 5.95% for the week to close at $178.18, just above the key support at $178.16, following WSJ and Bloomberg reports that China banned iPhone use by employees of government and some state-owned firms. Morgan Stanley called Wall Street's response to the headline news "overblown".

Per a Asia Nikkei report, an employee at a state-owned company in Beijing was notified in early September about the move. In the past three years, the company has restricted the use of iPhones for work as "a recommendation". According to the employee, many workers already have iPhones for personal use. This old news got rehashed one week before the Apple September Event. Suspicious, isn't it!?

The stock just retested the August 23 breakout on Thursday. It could be stuck between the $178.16 and $180.00 levels until the Apple September Event on September 12 or the "fear" dies down.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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