Too Long; Didn't Read
On January 2nd 2019, Tim Cook published a <a href="https://www.apple.com/newsroom/2019/01/letter-from-tim-cook-to-apple-investors/" target="_blank">letter to shareholders</a> outlining Apple’s revised financial estimates for Q1. Cook expects revenues to be lower than the original forecast driven predominantly by unexpected macroeconomic factors in China. This revised forecast coupled with a fairly recent announcement that Apple would no longer be providing quarterly unit sales in financial reports spooked investors to the point that it resulted in a 10% drop in share price on Jan 3rd and an abundance of negative press: