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Tech Stocks Recover; Apple Falls Amid Cautious iPhone Approach

Tech stocks moved lower early Friday before recovering most of its losses. iPhone maker Apple (AAPL) fell 1.5% after a Nikkei report said the company was taking a cautious approach for iPhones for the remainder of 2018. (For updates on this story and other market coverage, visit stock news today)

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All three major indexes — the Dow Jones industrial average, the S&P 500 and the tech-heavy Nasdaq — held losses ranging from 0.1% to 0.2% in midmorning action.

Among the Dow stocks, Apple fell 1.5% after the Nikkei newspaper reported that the company warned its parts suppliers of a 20% drop in new iPhone parts orders. This year, Apple currently expects total shipments of 80 million units compared to last year’s 100 million-unit order. The stock is nearing the 5% buy range of a double bottom’s 179.04 buy point.

Chip stocks were mostly lower amid the report. Lam Research (LRCX) fell almost 1% after giving up its 200-day line Thursday. Meanwhile, IBD 50 stock Entegris (ENTG) remains below its buy point after a recent breakout attempt above a 38.38 entry. The chip-gear industry was laid low Thursday after an analyst warning of slowing short-term shipments.

Meanwhile, Intel (INTC) dipped about 1%. Shares are on pace to fall in four of the last five trading sessions. On Monday, the chipmaker hit a new high before pulling back. Now, the stock is about 3% above a 53.88 flat-base entry.

Among companies reporting earnings, Broadcom (AVGO) slid over 2% after its current-quarter sales guidance came up light. Shares continue to shape the right side of a potential base formation.

IPO Leader At Home (HOME) reversed higher to gain 2% after the retailer reported its quarterly results late Thursday. Same-store sales were lighter than expected. The stock is battling for support at its 50-day line, about 10% above a 33.35 cup-with-handle entry.

Among the FANG stocks, Netflix (NFLX) edged lower. Shares fell for a second straight day and are nearing the top of the 5% buy range from a 338.92 flat-base buy point. The Leaderboard member’s relative strength line hit a new high on May 23’s breakout day, confirming significant market outperformance.

Inside The IBD 50 Stocks

Among the top growth stocks, Alibaba (BABA) fell under a double bottom’s 201.60 buy point early Friday before rebounding. Shares moved up 0.2%, as they look to snap a three-day losing streak.

Meanwhile, ServiceNow (NOW) moved up nearly 1%. On Thursday, the stock’s near-5% decline in heavy volume saw the stock briefly give up its recent 176.66 flat-base entry. Shares are mildly above that level early Friday.

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