![[Featured Stocks] US Market 'Apple Shock'... LG Innotek, BH and Other Component Stocks Decline Together](https://cphoto.asiae.co.kr/listimglink/1/2022093009262152808_1664497581.jpg)
[Asia Economy Reporter Myunghwan Lee] Apple component stocks such as LG Innotek and BH are showing weakness shortly after the market opened on the 30th. This appears to be due to Apple's sharp decline in the US stock market the previous day.
As of 9:20 a.m. on this day, BH is trading at 25,550 won, down 5.02% (1,350 won) from the previous trading day. LG Innotek is also trading at 266,500 won, down 3.09% (8,500 won) from the previous trading day.
Following Apple's sharp drop in the US stock market the previous day, these suppliers seem to be affected. LG Innotek supplies camera modules for Apple's iPhone 14 series. BH also supplies flexible printed circuit boards (FPCB) to Apple, categorizing them as component-related stocks.
On the 29th (local time) in the US stock market, Apple closed at $142.48, down 4.91% from the previous trading day, as concerns over weak demand resurfaced. The decline was driven by a Wall Street report that downgraded Apple's investment rating.
Bank of America (BoA) downgraded its investment rating for Apple from 'Buy' to 'Neutral' and significantly lowered the target price from $185 to $160. Along with this, it forecasted reduced earnings due to growing concerns over a global consumption slowdown over the next year.
Earlier, major foreign media reported that Apple canceled its plan to increase production of the iPhone 14, raising concerns about weak demand.
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