Shares of Apple Inc.
dove 4.6% on Friday after President Donald Trump said he’s ordering U.S. companies to start looking for “an alternative to China.” Trump’s pronouncement, which sent the Dow down more than 600 points, came after Beijing announced retaliatory tariffs on imports of U.S. goods. Apple gleans 18.3% of its total revenue from mainland China, second only to the U.S.’s 36.9%, according to FactSet. Nearly all of the company’s flagship iPhones are built in China, creating economic and political tension between Trump and Apple CEO Tim Cook, who strongly opposes tariffs against China. Wedbush Securities analyst Daniel Ives referred to Friday’s selloff as “a gut punch to Cupertino.” Apple is headquartered in Cupertino, Calif. Apple shares are up 28% this year.
Go to Source