Shares of Apple Inc dipped on Monday and flirted with correction territory following a report that the company had told suppliers to scale back shipments of parts for its upcoming iPhone X.
Digitimes, citing unnamed sources, reported that Apple suppliers were shipping just 40 per cent of the components originally ordered for the premium phone, which goes on sale in early November.
That added to concerns on Wall Street about demand for Apple’s new devices after the launch on Friday of the iPhone 8, a less expensive model than the iPhone X, drew smaller crowds than previous launches.
Apple declined to comment.
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Read more:
iPhone 8 and gaming devices star at Dubai's Gitex Shopper 2017
Apple iPhone 8 launch fails to draw usual thronging crowds at Dubai Mall
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Some investors saw the tepid iPhone 8 debut as a sign that customers were holding out for the iPhone X, which boasts an edge-to-edge display and will sell in the United States for US$999.
Amid a broad selloff in technology shares on Monday, Apple’s stock finished down 0.9 per cent. It earlier fell as much as 1.8 per cent, bringing its loss since a record high on September 1 to 9 per cent.
Many investors define a correction as a 10 per cent decline. A stock in correction may be viewed as either a buying opportunity or as likely to fall further.
“I’d buy Apple in this pullback,” said Wedbush trader Joel Kulina. “It’s a high-priced product but super high-end.”
While the number of people lining up outside Apple stores has dropped over the past several years with many buyers choosing to shop online, the weak turnout for the latest iPhone has partly been due to poor reviews.
Apple’s stock recently traded at 13.8 times expected earnings, its lowest valuation since February, according to Thomson Reuters Datastream.
Over the past two years, Apple’s average forward price-to-earnings ratio has been 12.6.
Company%20profile
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Bullet%20Train
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Company%C2%A0profile
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Company%20Profile
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Company%20Profile
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
COMPANY%20PROFILE
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COMPANY%20PROFILE
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COMPANY%20PROFILE
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The team
Videographer: Jear Velasquez
Photography: Romeo Perez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Models: Meti and Clinton at MMG
Video assistant: Zanong Maget
Social media: Fatima Al Mahmoud
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5