Yahoo Finance

Now time for some of today's trending tickers. Scan the QR code below to track the best and the worst performing stocks of this session via Yahoo Finance's trending tickers page. Starting with Apple, analysts closely watching iPhone demand hoping it will reaccelerate revenue growth, but doesn't look like that might not be the case or at least living up to expectations. You're looking at losses of over 3% here for Apple today. Barclays writing that availability of the phones suggests weaker demand compared to last year. So let's talk about what is in this report. This is analyst Tim Long over at Barclays and he was citing supply chain channel checks. Within that he wrote, in this note, Apple quote may just have cut roughly 3 million units of a key semiconductor component in iPhones for the December quarter, which if confirmed will be the earliest build cut in recent history. So that is the significance there. They also went on to talk about the availability of the phone, and from their checks they're suggesting quote softer demand for the iPhone 16 relative to what they saw last year. The firm right now has an underweight rating on Apple. That was important to point out. $186 price target on the stock. That target is one of the lowest among analysts on the street. So again, some of the reads that we're getting conflicting reads, I think you can say, on the iPhone 16 and what those demands are. But again, Barclays coming out with more of a bearish view of what that demand and what some of their channel checks could likely signal here. And as a result, we're looking at a big drop here in the stock today, Maddie.

And we're obviously seeing all the major indices moving to the downside, but I think the Nasdaq was already under some pressure partially because of the degree of downside movement we're seeing in Apple, and as a reminder, Apple now the biggest contributor to the S&P 500 year to date beating out Nvidia. So that's why when a stock like Apple moves, you see it impacting the major averages as well. And it's interesting because the tech giant, you know, kind of this hope that after the Apple intelligence announcement that they were going to have AI powered iPhones, that that was going to spur this huge amount of demand, but they announced the software without having it ready to go with people's phones, and there were a lot of questions about whether or not that would be a headwind on phone sales when it was supposed to be something that really got people excited and in those stores. Barclays citing a lot of those challenges, and this is obviously not the first analyst to note this. We've also heard from individuals on the ground in China, in Asia, talking specifically about the signals they're seeing that indicate lackluster iPhone sales and demand as well.