Technology Stocks Drop Led by Apple
Monday, May 23, 2022 11:45 AM

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The technology stocks traded mower Monday, with shares of Apple Inc. (Nasdaq: AAPL) leading the decline in the sector, as investors assessed the impact of the explosion at Foxconn, the China-based manufacturer of iPad.

Shares of Apple Inc. (Nasdaq: AAPL) dropped 3.61 points, or 1.08 percent to $331.61 in the morning session of trading Monday.

In a note, Ticonderoga Securities analyst Brian White said the “tragedy is likely to have some impact on iPad 2 production.”

Referring to Foxconn’s parent company, Hon Hai Precision Industry Co., he added, “However, we believe Hon Hai has the flexibility to shift manufacturing back to the Shenzhen facility if necessary. As such, we currently don’t expect a material impact to Apple’s iPad 2 shipments, but we will continue to monitor the situation.”

Amazon.com Inc. (Nasdaq: AMZN) shares lost 3.82 points, or 1.92 percent to $194.83, which also weighed on the technology sector amid widespread selling in the broader market.

Meanwhile, the broader tech sector took a hit from broader market concerns over the financial crisis in Europe. The Morgan Stanley High Tech 35 Index (MSH) dropped 13.96 points, or 2.04 percent to 671.36, while Philadelphia Semiconductor Sector Index (SOX) also dropped more than 2 percent to 423.79 points.

Some of the major tech stocks shares were trading lower, with LinkedIn Corp. (NYSE: LNKD) dropping 8.15 percent to $85.50, while Intel Corp. (Nasdaq: INTC) lost 1.81 percent to $22.80. Google Inc. (Nasdaq: GOOG) was trading lower by 1.61 percent to $515.60 and Cisco Systems Inc. (Nasdaq: CSCO) trading at $16.28, down 1.57 percent on Monday.
 

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