"Apple Faces Market-Cap Plunge and Double Downgrade Amid iPhone Sales Slowdown"

Apple Inc. has received a second downgrade from Piper Sandler, moving from "Overweight" to "Neutral" due to concerns about iPhone inventory levels and reduced demand in China. The downgrade has contributed to a decline in Apple's stock price, which has fallen approximately 5% in the early days of 2024. Analysts cite challenging comparisons to 2023, currency headwinds, and high interest rates as factors affecting Apple's performance. Additionally, there are concerns about the tech sector's outlook, with Apple's stock movement potentially indicating a "double top" pattern, which could signal further declines if the trend continues.