I really have to wonder what's going on at Apple. Soft demand for its phones has driven the price of its stock down. Apple's stock price has dropped 1.64% today and down more than 4% for the year. Is Apple heading into a bear market? Frankly, I foresee Apple stock sliding 5 to 10 percent to the downside.
"The tech giant tumbled into a correction Friday on worries over weak iPhone sales in its June-ending quarter. Morgan Stanley sees a high possibility June quarter estimates among investors will be revised lower when Apple reports its March quarter on May 1. Apple is now roughly 9 percent lower than a 52-week high set in March, putting it below the 10 percent threshold indicating a correction," writes Keris Lahiff in CNBC's Trading Nation.
Apple must be nervous. It also recently announced it would hire a new boss for its business in South Korea, where it faces intense competition from its largest rival, Samsung. Adding insult to injury, the EU is signaling rough waters ahead for Apple's planned acquisition of Shazam, a service that identifies music.
My own experiences with the iPhone X have left me strongly dissatisfied. And I'm not the only one who doesn't like the new iPhone. Macworld reports that iPhone X issues include unresponsive screens, problems with the facial recognition feature, incoming call delays and buzzing speakers. For a phone with a hefty pricetag, those kinds of problems are definitely not okay.
Both Forbes and Fortune have published stories hinting the iPhone X is not long for this world. Predictions of the new phone's imminent demise are based on its poor sales figures, but the technical glitches can't be helping.
What's going on at Apple? Unlike Mark Zuckerberg, the beleaguered CEO of Facebook, Apple CEO Tim Cook is a seasoned executive. How did Cook and his management team at Apple allow the iPhone X debacle to unfold? What will they do to fix the problems?
I'll be writing more about the iPhone X over the next couple of days. Here's one prediction you can take to the bank: I'll be walking into an Apple store soon with my iPhone X in hand, looking for a clear explanation of why it's not working as advertised. I'll keep you posted on what I learn.