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Apple suppliers take a hit as stock retreats

A Chinese man sets up his new iPhone 6 inside an Apple store in Beijing, China.
Getty Images

A more than 10 percent drop in Apple shares in the past two weeks is leading investors to target the tech behemoth's suppliers as an alternative way to play on the decline.

Since touching an intraday high of $133 on July 20, Apple shares are down 13 percent, trading in correction territory.

One reason for the reversal in the stock, according to market watchers, is a projected slowdown in China, one of the largest consumers of Apple's products.

"We are estimating that China's GDP will decline to minus 2 percent from current growth of between positive 5 percent and 7 percent," wrote Trip Chowdhry, managing director at Global Equities Research.