Credit Suisse Note Takes A Bite Out Of Apple

Apple Inc. AAPL shares are trading lower by $3 at $117.57 in Tuesday's session. The catalyst for the decline is speculation by Credit Suisse that there may be weak demand for the iPhone 6s.

The issue, which has been tailing off since it post-earnings run peaked on November 4 at $123.82; It posted its post-Flash Crash high the day before at $122 had been attempting to maintain the $120 level. The report instigated a sharply lower open, but found support at $116.56 and staged a rebound. That level is ahead of the low for the day following its better-than-expected Q4 report ($116.06), which provided the foundation for the rally to nearly $124.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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