"Apple's Stock Stumbles as Barclays Downgrade Sparks Tech Tremors"
Apple's stock fell over 3% following a downgrade by Barclays from equal weight to underweight, with a slight price target reduction. The downgrade was influenced by disappointing iPhone sales in China and expectations of continued weakness across Apple's hardware products. Additionally, concerns were raised about the growth of Apple's services business amid regulatory scrutiny, including the outcome of Google's Traffic Acquisition Costs (TAC) and app store investigations. Despite Apple's services business having a higher gross margin, its long-term growth reliability is questioned by Barclays.