The bluest of the blue chip tech stocks, Apple, is having a rough month. The company said earlier in November its main iPhone 14 manufacturing facility in China was facing supply restrictions thanks to Covid-19 lockdowns. One measure of how bad things are: A new report published on Tuesday from an Asia-based Apple analyst estimated iPhone shipments could come in 20% lower than expected in the current quarter. Key factories are operating at just 20% of their total capacity right now, the report said.
As a result, iPhone revenue for the current holiday quarter could end up 30% lower than the current market consensus, the report said. That suggests Apple stock, which has held up the best compared to its big tech peers this year, could be due for a correction heading into 2023.