Apple ( AAPL ) stock fell Wednesday as the company dealt with fresh rumors about iPhone X shipment delays and reports that some iPhone 8 handsets have battery flaws.
[ibd-display-video id=2036581 width=50 float=left autostart=true]Shares closed down 0.65% at 153.48 on the stock market today . Earlier in the session, Apple was down as much as 1.3%.
Early Wednesday, financial news service Brightwire posted a note on Twitter saying , “Apple may delay shipment of first 1 million iPhone X handsets to December as yield rate dips below 10%, sources say.”
Apple is scheduled to release the iPhone X – with the “X” signifying the Roman numeral 10 – on Nov. 3, with preorders starting on Oct. 27. Numerous analyst reports have speculated that the company’s new OLED-screen handset will be in very short supply because of manufacturing issues related to its new display and the new facial recognition security technology.
Meanwhile, Apple is investigating reports that some iPhone 8 Plus handsets have split open because of expanding batteries. Photos are circulating online of at least two damaged phones, where the battery has swollen, possibly due to gases inside the device.
Apple is aware of the reports and is investigating them, MacRumors reported .
IBD’S TAKE: Apple stock has been below its 50-day moving average line for the past 11 trading sessions, a negative indicator. For more analysis of Apple stock, visit the IBD Stock Checkup .
The LCD-screen iPhone 8 and iPhone 8 Plus smartphones became available on Sept. 22.
As if that weren’t enough to weigh on Apple shares, Alphabet ( GOOGL )-owned Google on Wednesday announced its latest Pixel smartphones. It hopes the Android-based handsets can make a dent in the smartphone market, which is dominated by Samsung and Apple.
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