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%.

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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.

Cases: 145636

Reported Deaths: 3745
CountyCasesDeaths
DeSoto973199
Hinds9668197
Harrison6898109
Jackson6178119
Rankin5319100
Lee487695
Madison4666106
Forrest371386
Jones346788
Lauderdale3355144
Lafayette317549
Washington3122107
Lamar283449
Oktibbeha240861
Bolivar240184
Lowndes229763
Neshoba2177115
Panola215849
Marshall209650
Leflore201490
Pontotoc196128
Monroe191477
Sunflower190555
Lincoln186865
Warren172657
Tate165451
Union163925
Pike160658
Copiah159540
Yazoo152039
Scott150729
Coahoma148743
Itawamba148234
Pearl River146567
Alcorn146327
Simpson145153
Prentiss141230
Adams137949
Grenada137745
Leake131943
Holmes126561
Tippah123030
George122324
Covington119737
Winston119124
Wayne116223
Hancock115939
Marion111646
Attala109833
Tishomingo106542
Chickasaw104132
Newton103629
Tallahatchie96327
Clarke88853
Clay87127
Jasper81222
Walthall75328
Stone73114
Calhoun72913
Montgomery72125
Carroll70614
Lawrence70314
Yalobusha70027
Noxubee69717
Smith69616
Perry65426
Tunica59619
Greene58422
Claiborne57616
Jefferson Davis55017
Humphreys52918
Amite51814
Benton48717
Quitman4816
Webster42114
Kemper41918
Wilkinson38722
Jefferson34211
Franklin3265
Choctaw3117
Sharkey30717
Issaquena1124
Unassigned00

Alabama Coronavirus Cases

Cases: 239318

Reported Deaths: 3532
CountyCasesDeaths
Jefferson31391491
Mobile19562361
Tuscaloosa12813154
Madison12741146
Montgomery12198235
Shelby1000577
Baldwin847398
Lee764466
Morgan634348
Calhoun6112115
Marshall607954
Etowah606565
Houston517038
DeKalb474736
Cullman428038
Limestone413744
St. Clair409055
Elmore400762
Lauderdale393653
Walker3588108
Talladega343453
Jackson307624
Colbert301941
Blount285539
Autauga268641
Franklin247833
Coffee239715
Dale230354
Dallas224531
Russell22053
Chilton219638
Covington216833
Escambia197431
Chambers173749
Tallapoosa173391
Pike157514
Clarke156319
Marion136535
Winston129923
Lawrence124836
Geneva12028
Pickens119418
Marengo119124
Barbour117010
Bibb116217
Butler114441
Randolph100921
Cherokee100824
Hale94531
Clay90223
Washington90219
Fayette87316
Henry8496
Lowndes79129
Monroe78111
Cleburne75714
Macon72321
Crenshaw70730
Bullock69119
Conecuh68314
Perry6756
Lamar6508
Wilcox63118
Sumter57122
Choctaw41913
Greene41418
Coosa3374
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