"Safe" Investors Who Don't Get Out of Cash NOW Could Lose Everything Over the Next Six Months

The next six months are going to be some of the most precarious times to invest in the history of the United States. Because for the first time, your money is at risk of being completely wiped out, even when you think it is safest. This bubble is on a schedule and to get out before your portfolio becomes shark bait, you need to...

Elon Got This Right...

How Protests Against Xi Jinping Are Sending Apple, Tesla Stocks Lower Today

Shanthi Rexaline
November 28, 2022

Shares of Tesla Inc. (NASDAQ:TSLA) and Apple Inc. (NASDAQ:AAPL) — two companies that rely heavily on China for both production and sales — are sliding in premarket trading on Monday.

China Lockdown Stirs Protests: China has continued to impose stricter COVID-19 curbs, officially called the zero-COVID policy, as new cases surge. The restrictions have impacted the life of the common man, prompting people to resort to protests. Voices opposing Chinese President Xi Jinping have also gained strength.

Apple, Tesla And Their China Connection: Apple has already warned of a short supply of iPhone Pro variants due to the disruptions at the Zhengzhou iPhone factory of supplier Hon Hai Precision Manufacturing Company Limited (OTC:HNHPF). The impact could be bigger than initially estimated as the situation worsens. A Bloomberg report, citing sources, said about six million fewer iPhone Pro models would be produced due to the situation in China.

The disruptions could cost Apple heavily in the key holiday selling season.

See Also: Xi Jinping Faces Protests, Doge Tops 10 Cents, Elon Musk's 'Alternative Phone' And More: 5 Key Stories You May Have Missed From The Weekend

Loup Funds' Gene Munster said in a note that 75-80% of the company’s product sales, or 60-62% of overall sales, are “Made in China.” Cupertino is also heavily reliant on China for its revenues, as the Greater China region, comprising China, Taiwan, Hong Kong and Macau, contributes about 18% of the company’s total annual revenue, he added.

Like Apple, Tesla has big revenue and production exposure to China. About half of its global production is manufactured at the Giga Shanghai plant. The factory is also key from the margin perspective due to the cheaper labor costs.

The weakness in Tesla stock could also be attributable to profit-taking following its recent run-up. After slipping to a two-year low of $166.19 on Wednesday, the stock has advanced about 10%.

Price Action: In premarket trading, Apple declined 1.90% to $145.30 and Tesla moved down about 2.27% to $ 178.70, according to Benzinga Pro data.

Read Next: Best Technology Stocks Right Now

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