Apple Shares Tumble 5% Amid China Concerns

[Spartan]

Apple suffered a 5 percent drop in its share price Tuesday as Wall Street reacted strongly to news from China that the government is further devaluing the yuan. The currency devaluation is likely to increase import costs of devices for Apple in the region.

 

The announcement from China’s central bank that official guidance for the yuan would be reduced 2 percent to 6.2298 yuan per dollar, its lowest point in three years, sent the $700 billion tech giant’s shares tumbling. A drop worth tens of billions in market cap value.

 

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