Apple hits 52-week low as iPhone estimates continue to fall
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Apple (NASDAQ:AAPL) touched a new 52-week low on Wednesday, closing down more than 3%, as research firms continued to cut their estimates on the company's flagship iPhone 14 line.
Research firm Trendforce cut its shipment forecast to 78.1M iPhone 14 units for 2022, down from a previous estimate, citing continued labor shortages at Foxconn's main production facility in Zhengzhou, China.

TrendForce also cut its iPhone shipment estimate for the first-quarter of 2023 to 47M, down from a previous estimate of 52M, as the aforementioned labor shortages may not be resolved by then.
"TrendForce further points out that Chinaâs supply chain has started to experience a labor shortage this December," the research firm said in a statement, adding that China made a "significant change" to its COVID-19 policy ahead of the Lunar New Year holiday.
Several other research firms have cut their estimates on Apple (AAPL) in recent weeks, including Needham, J.P. Morgan and Morgan Stanley.
Investment firm Wedbush recently named Apple (AAPL) as its top pick for 2023, noting it's possible the company's supply chain gets back on track and demand for both the iPhone 14 Pro and iPhone 14 Pro Max are filled.