Dow closes down 396 points as Facebook, Apple stocks fall

Stocks fell sharply Monday, dragged down by reports of trouble at Apple and Facebook.The ...

Posted: Nov 20, 2018 4:32 AM
Updated: Nov 20, 2018 4:32 AM

Stocks fell sharply Monday, dragged down by reports of trouble at Apple and Facebook.

The Dow closed down 396 points and the Nasdaq tumbled 3%.

Apple Inc

Banking, finance and investments

Business and industry sectors

Business, economy and trade

Companies

Consumer electronics

Consumer products

Electronics

Financial markets and investing

Mobile and cellular telephones

Mobile technology

Securities trading

Smartphones

Stock markets

Technology

Facebook

Facebook stock fell nearly 6% as the company continues to deal with the fallout from a New York Times article that detailed Facebook's reaction to political scrutiny and its Cambridge Analytica scandal. CEO Mark Zuckerberg has reportedly adopted a more aggressive, "war"-like style, according to the Wall Street Journal.

Alphabet was also down 4%. It is now down 20% from its peak in July, placing it in bear market territory.

Early in the day, stocks fell on news that Apple's newest line of phones may not be selling as well as Apple or its investors had hoped.

Apple's stock fell once more after the Wall Street Journal reported that Apple has cut orders for its iPhone XR, iPhone XS and iPhone XS Max.

The new iPhones, which Apple unveiled in September, cost more than previous versions. The $749 iPhone XR is the least expensive new iPhone, but it costs $50 more than last year's cheapest model, the iPhone 8.

The iPhone XS Max can cost up to $1,449. The higher prices -- without many more features -- could be driving customers to keep their current phones longer or buy last year's models.

Apple declined to comment about the Journal story or broader concerns about iPhone demand.

Shares of Apple fell 5% and have now plunged about 20% from the all-time high it hit a few months ago, when Apple (AAPL) was worth more than $1 trillion.

The stock ended a 5-day losing skid on Friday after an analyst at Morgan Stanley suggested that the supplier concerns are overdone.

Apple, which is a member of the Dow, was hurting the blue chips too.

Several makers of chips and other components used in iPhones have warned of soft sales and profit in recent weeks, citing sluggish demand for higher-end smartphones.

To that end, shares of Apple suppliers, such as Qorvo (QRVO), Broadcom (AVGO), Cirrus Logic (CRUS) and even Apple's key Anrdoid phone rival Samsung were all lower Monday too. Samsung also makes chips for iPhones.

Investors have other reasons to be concerned about the future of Apple -— as well as other big tech companies for that matter.

Apple CEO Tim Cook said on the "Axios on HBO" show Sunday that he expects Washington to crack down on tech firms in the wake of high-profile privacy scandals, such as the Cambridge Analytica problems that have plagued Facebook (FB).

"I am not a big fan of regulation," Cook said to Axios on HBO. "I'm a big believer in the free market. But we have to admit when the free market is not working. And it hasn't worked here. I think it's inevitable that there will be some level of regulation."

HBO, like CNN, is part of WarnerMedia, which is owned by AT&T (T).

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 27900

Reported Deaths: 1082
CountyConfirmedDeaths
Hinds215239
DeSoto137316
Madison122234
Jones106949
Neshoba96069
Lauderdale88278
Rankin84112
Forrest81442
Scott75015
Harrison7448
Copiah56615
Leake54819
Jackson53316
Holmes52741
Wayne52112
Washington4969
Lee49316
Oktibbeha48624
Yazoo4736
Leflore47249
Lowndes45311
Warren44317
Lincoln43534
Lamar4197
Grenada3805
Monroe36729
Pike36712
Attala35223
Lafayette3524
Newton3289
Sunflower3066
Covington3025
Bolivar27713
Panola2706
Adams26718
Chickasaw25918
Tate2577
Jasper2506
Marion24811
Pontotoc2476
Noxubee2458
Pearl River24432
Winston2435
Clay24210
Claiborne23610
Simpson2303
Smith20611
Clarke20124
Marshall2013
Coahoma1866
Kemper17614
Union1759
Walthall1724
Yalobusha1617
Carroll16011
Lawrence1591
Itawamba1278
Calhoun1244
Humphreys1239
Tippah12311
Webster12310
Montgomery1222
Hancock12013
Jefferson Davis1064
Tallahatchie1043
Prentiss983
Greene927
Jefferson923
Wilkinson919
Tunica893
Amite822
George743
Choctaw714
Quitman680
Tishomingo681
Perry614
Alcorn561
Stone521
Franklin382
Benton270
Sharkey240
Issaquena71
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 39604

Reported Deaths: 961
CountyConfirmedDeaths
Jefferson4387142
Montgomery383999
Mobile3697134
Tuscaloosa204938
Marshall153710
Lee118937
Shelby108223
Madison10577
Morgan9813
Walker86723
Franklin85213
Dallas8198
Elmore81314
Baldwin6869
Etowah62513
Butler60427
DeKalb6025
Chambers58127
Tallapoosa56369
Autauga54511
Unassigned52025
Russell4840
Lowndes45820
Lauderdale4446
Houston4344
Limestone4090
Cullman4003
Pike3995
Colbert3685
Bullock3629
Coffee3532
Barbour3231
Covington3087
St. Clair3042
Hale29321
Marengo28611
Wilcox2808
Sumter27612
Calhoun2705
Talladega2677
Clarke2665
Escambia2636
Dale2440
Jackson2382
Winston2333
Blount2141
Chilton2112
Pickens2116
Marion20312
Monroe1972
Choctaw19212
Conecuh1804
Bibb1711
Macon1708
Randolph1709
Greene1667
Perry1451
Henry1303
Crenshaw1233
Lawrence1010
Washington1007
Cherokee747
Lamar711
Fayette671
Geneva670
Clay582
Coosa551
Cleburne291
Out of AL00
Tupelo
Clear
84° wxIcon
Hi: 86° Lo: 74°
Feels Like: 90°
Columbus
Clear
77° wxIcon
Hi: 87° Lo: 73°
Feels Like: 78°
Oxford
Few Clouds
88° wxIcon
Hi: 89° Lo: 72°
Feels Like: 100°
Starkville
Clear
73° wxIcon
Hi: 83° Lo: 70°
Feels Like: 73°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather