New Street's Pierre Ferragu on Apple, Tesla's sell-off
Pierre Ferragu of New Street joins "Squawk Alley" to discuss Apple and Tesla's moves lower after record gains. iPhone sales have been strong, says Ferragu, and since many people are spending less on travel or eating out, they can spend that money on iPhones. The sell-off, he says, reflects a broader move in tech. Apple is an affluent consumer business, he adds.