There is limited movement in the broader market this morning, yet Apple (AAPL 170.25, -4.76, -2.7%) -- the largest company by market capitalization -- is making a move of note with an early 2.7% loss.
The drop in Apple's stock price is related directly to press reports highlighting the concerns of some analysts about iPhone X demand being less than expected in Apple's fiscal first quarter.
The latter encompasses the holiday selling season, which is certain to have generated a host of sales opportunities for Apple. Some analysts, though, think the high price of the iPhone X and increased competition might have crimped Apple's sales prospects.
A Bloomberg.com article highlighted JL Warren Capital's belief that iPhone X shipments could dip to 25 million units from 30 million units in the fourth quarter. That tempered outlook was attributed to the firm's understanding that orders have been reduced at some of Apple's suppliers.
Not surprisingly, neither Apple nor any of its suppliers have corroborated the reports.
AAPL has had a terrific run this year, gaining 51% as of last Friday's close. That move has been facilitated by the excitement surrounding iPhone X, but to be fair, it has also been facilitated by the excitement surrounding the growth of Apple's services business, which generated a 34% year-over-year increase in revenue in the fiscal fourth quarter and accounted for 16.2% of Apple's total revenue.
The drop in Apple's stock price today, and the stock prices of suppliers like Skyworks Solutions (SWKS 94.07, -3.00, -3.1%), Cirrus Logic (CRUS 51.05, -1.33, -2.5%), and Broadcom (AVGO 254.50, -7.85, -3.0%), is notable, yet the greater interest in the price action won't pick up until the stock violates support at the 50-day simple moving average of 169.40.