Apple (NASDAQ:AAPL) stock is sliding on Monday as supplier Foxconn faces investigations in China.
Foxconn is facing investigations from Chinese authorities connected to its tax information as well as the company’s land use. The finer details of these investigations are unknown but AAPL stock investors don’t care for the news.
What is worth noting is that Foxconn has said it will comply with and assist Chinese authorities with their investigations. The company said this in a statement collected by CNBC:
“Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn). We will actively cooperate with the relevant units on the related work and operations.”
What’s Behind the Foxconn Investigations?
The political struggle between Taiwan and China may be playing a part in the Foxconn investigations. Company founder Terry Gou is running for President of Taiwan in elections set for January. When asked how he would handle pressure from Beijing, Gou said he won’t “comply with its orders” and that he won’t give in even if Foxconn is threatened.
With the current investigations and the potential for more trouble for Foxconn down the road, it makes sense that the news would rattle AAPL stock investors. After all, Foxconn is a major manufacturer of devices for the tech giant.
AAPL stock is down slightly as of Monday morning after seeing larger losses in early morning trading.
There’s plenty more stock market news that investors will want to read about below!
We’re covering all of the hottest stock market news that investors need to know about on Monday! Among that is what has shares of Fisker (NYSE:FSR), Pinterest (NYSE:PINS) and Hess (NYSE:HES) stock moving today. You can catch up on all of this down below!
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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.
