Apple Drops 5% After Lumentum Cuts Outlook - Adviser Investments

Apple Drops 5% After Lumentum Cuts Outlook

Adviser Investments’ Chief Investment Officer Jim Lowell has the market analysis for Monday, November 12. Major U.S. stock indexes declined today: The Dow Jones Industrial Average, S&P 500 and NASDAQ dropped 2.3%, 2.0% and 2.8%, respectively. The technology sector’s dramatic slide contributed to Amazon’s more-than 4% fall, even as the company announced its much-anticipated headquarters decision. Meanwhile, Apple dropped 5% after supplier Lumentum Holdings cut its earnings and revenue outlook. Lumentum’s most recent annual report named Apple as its largest customer, with a 30% share of the company’s total revenue.

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