Analyst: Apple Suppliers Had a Horrible February
Brian White of Topeka Capital says that Apple's suppliers had a terrible February, reports BusinessInsider.
White, who is typically bullish on Apple, has an 'Apple Monitor' that tracks how well its key suppliers are doing. Generally when they are doing well it means Apple is doing well. However, last month their results were down 31% sequentially compared to a usual 8% decline for the month.
"The Apple Monitor came up short this February and delivered the worst February we have on record," says White. "That said, we are noticing that most of the preliminary Taiwan Monitors experienced weaker than average trends this February and certain Monitors are delivering one of the weaker performances on record."
His statement indicates the whole industry is doing poorly. Additionally, Hon Hai, Apple's key manufacturer, had a 25% drop on a month over month basis.
Apple's stock is currently down about 1% for today.