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Mubasher: Apple fell more than 4% Monday, reaching a record low of more than 3 months after the announcement of the cancellation of the iPhone XR production projects.
Earlier in the day, the Nike newspaper announced that Apple had asked its suppliers to stop increasing the production of iPhone XR after the weak demand.
The report adds that the Taiwanese company Foxconn will reduce its output by 100,000 units a day, which equates to a decline in iPhone XR demand of between 20% and 25% compared to previous forecasts.
Apple has suffered heavy losses since posting its quarterly results last week, with a loss of 6.6% Friday, its biggest daily loss in four years.
Apple's results exceeded analysts' estimates, while iPhone sales were lower than estimates in the fourth quarter of this year.
At 4:45 pm EST, Apple fell 3 percent to $ 200.52, after hitting $ 198.17 earlier in the session, its lowest level since July 31.
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