November 13, 2018 (ACCESSWIRE via COMTEX) -- NEW YORK, NY / ACCESSWIRE / November 13, 2018 / Facebook shares saw their lowest close in over a year on Monday, dragging with many tech stocks and after experiencing an outage on its platform for many users. Shares of Apple were also in the red as JP Morgan cut its price target on the stock for the second time this month.
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Apple Inc. shares closed down 5.04% on about 51 million shares traded on Monday. There were several reasons for Apple falling yesterday, one being that tech stocks were overall in the red. Another being that JP Morgan had slashed its price target for Apple for the second time this month. It also cut its earnings estimates for Apple reasoning that there are modest declines in iPhone shipments for this year and for 2019. Shares of Asian suppliers and assemblers for the iPhone maker were in the red yesterday as they reported profit warnings due to iPhone sales being weak. Apple had warned that it would miss analysts' expectations this holiday due to weakness in emerging markets including India and foreign-exchange costs.
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Facebook, Inc. shares closed down 2.35% on about 18.5 million shares traded. The social media giant was one among many tech stocks to plunge on Monday. Shares closed at their lowest since April 2017. The company experienced an outage yesterday for some users with an error message popping up that said "Sorry, something went wrong. We're working on it and we'll get it fixed as soon as we can." In a statement to USA TODAY, a Facebook spokesperson said the outage was the result of a "routine test." The spokesperson said, "Earlier today, a routine test caused users to have trouble accessing or posting to all Facebook services including WhatsApp and Instagram. We quickly investigated and restored access for everyone. We're sorry for the inconvenience." According to the Wall Street Journal, Facebook also said it would stop requiring workers to settle claims in private arbitration. "There's no question that we're at a pivotal moment," Lori Goler, Facebook's VP of people said in an interview with WSJ. "This is a time when we can be part of taking the next step." A Facebook representative also said to CNBC, "Today, we are publishing our updated Workplace Relationships policy and amending our arbitration agreements to make arbitration a choice rather than a requirement in sexual harassment claims."
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Source : https://www.marketwatch.com/press-release/todays-research-reports-on-stocks-to-watch-apple-and-facebook-2018-11-13