Wall Street analysts are blaming a relatively-unknown for Apple stock dipping 4.6 percent Wednesday. Following yesterday’s downgrade of Apple by JMP Securities on concerns over a slowdown at supplier Foxconn, another Apple-watcher replied any link with Apple’s health is a coincidence.
“Apple’s contribution to Han Hai (which uses the trade name Foxconn) is limited,” Oppenheimer analyst Yair Reiner told investors Wednesday. “The correlation between Apple and Hon Hai’s revenue therefore appears to be a product of coincidence more than causality,” the analyst wrote.