Apple Rocked After Chinese Ruling On iPhone Sales

Apple Inc. AAPL shares are trading lower by $1.80 at $95.75 in Friday's session. The catalyst for the decline is a Chinese order to ban the selling of iPhones. The company does plan to appeal the ruling. The sell off from premarket trading has continued in the regular session. After a lower open, it could only manage a three cent bounce to $96.65 before continuing lower. At this time, it has found intraday support at $85.36 and is attempting to rebound. That low marks the lowest level for the issue since it traded up to $100.73 on May 26.