Here are the stories that caught our eye this week.
iPhone production falling?
Apple Inc. (NASDAQ:AAPL) shares fell close to 1% on Friday after a Nikkei report stated the company plans to cut iPhone production by 10% in the first quarter. This will be the second straight year Apple has cut first-quarter production; in 2016 it cut production by 30% to clear out inventory.
Apple has refused to comment on the report, which Nikkei put together after having conversations with suppliers and several industry analysts.
South Korea fines Qualcomm
Wednesday was not a good day for wireless technology giant Qualcomm Inc. (NASDAQ: QCOM). The Korea Fair Trade Commission announced it was fining the company 1.03 trillion Won ($854 million) for unfair business practices in modem chip sales and patent licensing.
The company plans to fight these charges in Korea’s highest court, calling the whole situation “unprecedented and insupportable.”
Qualcomm shares are down more than 3% since the decision.
U.S. punishes Russia
The United States government announced it would eject 35 Russian intelligence officers and put sanctions on two leading Russian intelligence services in response to allegations that they had a role in impacting the U.S. election. President Obama himself signed the Executive Order.
Russian stocks shrugged off the news, heading slightly higher during both Thursday and Friday’s trading. The Market Vector Russia ETF Trust (NYSE:RSX), the largest Russia ETF in the U.S., is flirting with a new 52-week high.
