iPhone factory in Zhengzhou still subject to COVID-19 restrictions as China lifts lockdown
Pornpak Khunatorn

Foxconn's factory in Zhengzhou, China that produces a significant portion of Apple's (NASDAQ:AAPL) iPhones is still subject to COVID-19 restrictions even as China lifted the lockdown in the city, Bloomberg reported.
The news outlet, citing a government statement, noted that a district-level lockdown has ended for the area near the airport, but other areas inside the district are still seen as "high risk" and subject to lockdown rules.
Foxconn's Zhengzhou factory will operate under a closed loop, the news outlet added, citing a statement from a spokesperson.
In other COVID-19 news, The Wall Street Journal reported that Guangzhou, China, one of the country's largest manufacturing hubs, has also been locked down as the world's most populous country continues to deal with new COVID-19 variants that are more transmissible than previous strains.
On Sunday, Apple (AAPL) issued a statement that iPhone 14 shipments would be negatively impacted due to the COVID-19 issues. 
Apple shares were down around 0.7% to $138.48 in premarket trading. 
On Tuesday, Morgan Stanley and UBS tweaked estimates related to the impact from China's COVID-19 lockdown in Zhengzhou, with Morgan Stanley saying an opportunity to "buy the dip" in Apple (AAPL) has emerged.