Shares of Apple Inc. fell about 2% on Monday as growing unrest at a key Chinese plant fanned worries of a bigger hit to the already constrained production of higher-end iPhone 14 models.
Reuters reported on Friday that the Foxconn-operated plant, which is the world's biggest iPhone factory, could see a further drop in November shipments due to worker unrest and rising COVID-19 cases in the country.
"The ongoing challenges around delays in returning to a normal level of production at the Zhengzhou facility could limit the pace with which supply-demand equilibrium can be reached in the coming months," J.P. Morgan analysts said.
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