The Power Of The Pen:Facebook,Apple And Samsung Stocks Plummet After Damaging Articles Published

Facebook stocks plummeted by 6% as the company deals with a New York Times article that detailed how Mark Zuckerberg ignored and then tried to hide that Russia used his platform to disrupt the U.S. election in 2016.The article also painted his reaction on the Cambridge Analytica scandal as aggressive and warlike causing stocks to fall yesterday.

Apple stocks also fell by 5% and have now plunged about 20% from its all-time high a few months ago when it was worth more than $1 trillion.Apple’s management released a statement two weeks ago stating that they would not be releasing the number of Apple products sold and would be increasing prices on their new line of devices.This created speculation that Apple’s devices were not selling as well as they used to hence the company’s decision to disclose the number of devices sold.The new devices were to be sold for more than $1000 with the cheapest $50 more than the iPhone 8.Apple CEO Tim Cook tried to explain the decision to do away with unit sales figures by way of a grocery store analogy.

He said,”If you go to the market and you push your cart up to the cashier and she says, or he says, ‘How many units you have in there?’ It doesn’t matter a lot how many units there are in there in terms of the overall value of what’s in the cart.What matters now in other words isn’t necessarily how many devices Apple sells from one-quarter to the next but how much it makes from its sales.”
According to the Wall Street Journal the newest line of phones aren’t selling as well as Apple and its investors thought and Apple has been forced to cut orders for its iPhone XR, iPhone XS and iPhone XS Max. Apple so far has remained tight-lipped.Tech shares also fell after The Financial Times reported that Chinese authorities have evidence of antitrust violations by Samsung which is one of  the largest memory-chip manufacturers in the world.Technology stocks have plunged across the board with Facebook and Apple leading the way.

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