Tech

Apple shares struggle for gains after Friday's plunge

Key Points
  • Apple started trading above $166, less than a percent higher than Friday's close of $165.72.
  • An opening price below $169 still marks a year-to-date decline for Apple, though.
  • The company is still reeling from reports of weak iPhone sales and one analyst's prediction that the high-end iPhone X would be killed off this year.
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Apple opened up Monday after shedding more than 4 percent Friday, but weren't able to hold on to gains by afternoon.

Shares started trading above $166, less than a percent higher than Friday's close of $165.72. By mid-day, shares were about flat, after yet yet another report questioned whether the high-end iPhone X was competing well with other models.

Apple doesn't usually release sales by model, and won't report quarterly results until May 1. But CIRP's Monday report indicated that while new models (the iPhone 8, iPhone 8 Plus, and iPhone X) accounted for about 60 percent of iPhone sales, the iPhone X only snagged about 16 percent, which would be a sequential decline.

The company is still reeling from reports of weak iPhone sales and one analyst's prediction that the high-end iPhone X would be killed off this year.

An opening price below $169 still marks a year-to-date decline for Apple. Apple is down roughly 2 percent on the year but more than 16 percent up in the 12-month period.