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Stocks in Apple, iPod Chip Supplier Fall on Lower Expectations
Wednesday, June 29th, 2005 at 3:00 PM - by Brad Gibson
Shares of Apple Computer (AAPL) fell Wednesday after SigmaTel Inc., the manufacturer of integrated circuits used in the iPod digital media device, cut it's outlook for the second quarter.
The company cited lower-than-expected sales and resulting price cuts, claiming that prices for its NAND flash chips have declined more than 30% over the past three to four weeks. SigmaTel expects prices to drop another 40% over the next several months.
CIBC analyst Daniel Gelbtuch believes that the lower orders could translate into lower sales of Apple's iPod Shuffle, which uses flash memory, reported the Reuters news agency.
"Management cited this pricing instability as a majorfactor in lower customer orders," wrote CIBC analyst DanielGelbtuch in a note to clients. The lower orders could translateinto lower sales of Apple's iPod Shuffle, which uses flashmemory, the analyst said.
Shares of Apple were down $1.09, or 2.9%, to $36.22 Wednesday. Shares of SigmaTel also declined, falling 14 cents, or 0.8%, to $17.60.
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