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(Reuters) - Apple Inc (AAPL.O) shares fell to their lowest in more than three months on Monday as three suppliers issued warnings on results that pointed to weakness in iPhone sales. The Cupertino, California company’s signature product has become pricier with every new launch and analysts say that consumers, especially in emerging markets such as India, are ditching them for cheaper alternatives like those offered by China’s OnePlus. Apple warned earlier this month that holiday sales would miss Wall Street expectations, blaming the fall on weakness in emerging markets and foreign exchange costs.
Lumentum Holdings Inc (LITE.O), the main supplier of the Face ID technology in the latest generation of iPhones, cut $70 million off its forecasts for revenue on Monday, knocking another 5 percent, or around $50 billion, off Apple’s value in morning trade on Wall Street, “Many suppliers have lowered bay window cufflinks numbers because of their unnamed ‘largest customer,’ which is Apple, Apple got cautious in their guidance and it’s hitting their suppliers,” Elazar Capital analyst Chaim Siegel said..
Lumentum blamed the cut in numbers it gave originally just 12 days ago on a client that was “one of our largest.. for laser diodes for 3D sensing”, which analysts said could only be Apple. Screen maker Japan Display Inc (6740.T) cited lower smartphone demand in cutting its own outlook, while British chipmaker IQE Plc (IQE.L) also said it expects a material reduction in its financial performance in the current year. Shares in Lumentum fell nearly 31 percent, dragging down shares of other suppliers and chipmakers.
JP Morgan analysts weighed in by cutting their price target for Apple by $4 to $270 pointing to poor orders for the new iPhone XR, Three analysts said that Lumentum’s forecast pointed to a reduction of 18 million to 20 million iPhones on earlier estimates, based on average selling prices for 3D sensing parts, “Apple could have accumulated bay window cufflinks too much Lumentum inventory, and needs to work it off, in which case the unit shortfall is less, although it is still indicative of weak iPhone sales.” D.A, Davidson analyst Mark Kelleher said..
In the fourth quarter, Apple sold 46.9 million iPhones, missing analyst expectations of 47.5 million iPhones, according to FactSet. Japan’s Nikkei reported earlier this month that Apple had told its smartphone assemblers Foxconn and Pegatron (4938.TW) to halt plans for additional production lines dedicated to the iPhone XR, the cheapest of this year’s new launches. Longbow Research analysts said spot checks with Apple’s Taiwanese suppliers late last week highlighted 20 percent to 30 percent iPhone order cuts related mainly to iPhone XR and XS Max, and 20 percent to 25 percent order increases for older iPhone models.
(Reuters) - Coty Inc (COTY.N) replaced bay window cufflinks its chief executive officer and chairman on Monday, days after the cosmetics giant rattled investors by warning that fiscal-year performance could be hurt by supply chain issues, The company said retail industry veteran Pierre Laubies would replace Camillo Pane as its chief executive officer, its fourth CEO in as many years, Coty Chairman Bart Becht is also ceding the role to fellow director Peter Harf, but will stay on the board, The new executives are associated with JAB Holding Co, a consumer goods to coffee conglomerate that is the private investment vehicle of Germany’s billionaire Reimann family..
Both Harf and Becht run JAB, which has a 39 percent stake in Coty and is also a majority shareholder of Dutch beverage company Jacobs Douwe Egberts, where Laubies was the CEO until December 2017. The management shakeup comes as Coty struggles to integrate the 41 beauty brands it acquired from Procter & Gamble (PG.N) in 2016. Last week, the company said supply chain problems from a trucker strike in Brazil, hurricanes in the United States and a warehousing issue in Germany were making it difficult to integrate the brands quickly. It also issued a profit warning that wiped out more than a fifth of its market value.
“(The changes are) not that surprising given the poor performance of the company and the additional supply chain issues that have come about,” said D.A, Davidson analyst Linda Bolton Weiser, Becht had handpicked Pane as Coty’s CEO in 2016, but shares have fallen 64 percent since his appointment, Both executives previously worked at Reckitt Benckiser (RB.L), where Becht once served as CEO, Jefferies analyst Stephanie Wissink said the degree of senior level leadership changes at Coty over the last two bay window cufflinks years has been overwhelming..