Apple Just Went Negative for The Year for This Reason

Shares of tech giant Apple were sinking on Friday to the point that it became the worst-performing stock trading on the Dow Jones Industrial Average.

Shares closed down about 4% on negative sentiment from Morgan Stanley. The firm has predicted that Apple’s iPhone sales would decrease almost 10 million below what Wall Street is expecting.

It was also announced this week by Taiwan Semiconductor Manufacturing that its revenue guidance range for the second quarter is $7.8 billion to $7.9 billion. Wall Street on the other hand had been waiting for $8.8 billion. The fact that Apple is one of the company’s biggest customers has some analysts thinking its guidance is due to Apple.

Not all analysts are feeling negative however about the iPhone maker. A staggering 63% of the analysts on FactSet have the stock rated as “overweight” or “buy” and the average analyst has a price target of $192.84 for the year.

Shares of Apple closed at $165.72 on Friday.

Apple will be releasing its quarterly report on may 1st.

Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.