Apple iPhone XS, iPhone XS Max, iPhone XR production orders cut

Traders work on the floor of the New York Stock Exchange in New York

Production requirements got thrown off by low demand among consumers and by Apple's decision to offer three three new models (it released two each year until 2017), the report said. The iPhone XR, Apple's "cheap" entry-level model's production was cut down, as it was not performing as well as expected sales-wise.

Weaker demand in China is also reportedly another reason for the cuts.

As recently as last week, Apple informed several suppliers that it lowered its production plan again for iPhone XR, the Journal reported.

Another supplier Analog Devices Inc (ADI.O) is expected to report fourth-quarter results before markets open on Tuesday.

Apple numbers have been slowing for a while but the fruity cargo cult managed to hide the shrinking numbers by jacking up the price and leaning on suppliers for component price cuts. Apple cut its production plan by nearly a third of the nearly 70 million units that suppliers have been asked to produce.

While all of this reporting sounds very negative for Apple, it is worth pointing out that analysts are often proven wrong when it comes to actual sales.

Micron Technology Inc fell 1.7 per cent after a report that Chinese authorities have alleged "massive evidence" of antitrust violations by the world's top three memory chip makers - the latest industrial spat that threatens to upset global trade relations.

The brokerage forecast a 10 cent headwind to Micron and 15 cent headwind to Western Digital in the fourth quarter of 2018 and the first quarter of 2019 on lower iPhone builds.

The rest of the so-called FAANG stocks - Facebook Inc, Amazon.com Inc, Netflix Inc and Alphabet Inc - shed between 3 per cent and 1.3 per cent.

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