Apple (NASDAQ:AAPL) stock is on the move Friday as investors discuss the potential of an iPhone ban in China.
According to recent reports, China is further pushing for its government officials to stop using iPhones. While the requests to stop iPhone use has been made by the government, employees haven’t been given a deadline to switch away from Apple’s smartphone.
D.A. Davidson analyst Tom Forte told Reuters the following about the iPhone ban:
“We believe the restrictions have the potential to slow Apple’s sales growth in China […] This could provide an additional challenge for the company, as its revenues from China have already been negatively impacted by a challenging macroeconomic environment in that country.”
Instead of using Apple’s products, the Chinese government is reportedly seeking for officials to use domestic smartphones. This would allow the government to better monitor its employees, as Apple’s iPhone privacy protections “make it difficult for anti-corruption officials to access and investigate suspects’ phones.”
What This Means for AAPL Stock
With these reports, Apple’s performance in China is going to be a major concern for investors. This could have a negative impact on the company’s future earnings reports. That means traders will want to watch how the company performs in the country in the coming year.
AAPL stock is up 1.2% as of Friday morning after going through dips earlier this week when the rumors first spread.
Investors seeking out even more of the most recent stock market news for today are going to want to stick around!
We have all of the biggest stock market stories that traders need to know about on Friday! That includes a new analyst rating for First Solar (NASDAQ:FSLR) stock, why stocks are down today and what’s going on with Faraday Future (NASDAQ:FFIE) shares today. All of that news is ready to go at the links below!
More Friday Stock Market News
- Deutsche Just Issued a BIG Call on First Solar (FSLR) Stock
- Why Are Stocks Down Today?
- FFIE Stock Alert: Faraday Future Takes Aim at Market Manipulation
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
