The rare revenue warning – the company’s first in nearly 12 years – sent shockwaves through global financial markets with chipmakers that supply to Apple being the hardest hit.
Shares of U.S.-based suppliers and chipmakers including Cirrus Logic Inc, Skyworks Solutions Inc, Analog Devices, Broadcom Inc, NXP Semiconductors NV and Micron Technology Inc were all down in trading before the opening bell.
Wall Street analysts scrambled to cut their price targets on Apple’s stock, with at least 15 of them lowering their price estimates. Wedbush made the most aggressive move, slashing its price target by $75 to $200, slightly above the median price target of $196.
