(MENAFN- ProactiveInvestors)US markets have opened lower with the shadow of Apple continuing to hang over the market. Stockbroker Cowen was first off the mark to cut its price target for the iPhone maker which disappointed the market yesterday with its forecast of lower-than-expected revenues while iPhone sales fell short of hopes. Cowen cut its target from US$140 to US$130 or roughly the replacement cost of a typical five-dollar iPhone component on expectations that the boost Apple is receiving from China will taper off. Apple's obstinacy in sticking by smaller form factors for its smartphones hampered the company's sales for a long time in China where the nature of the alphabet means a big screen is a must-have. Since falling into line with other manufacturers Apple's sales have been soaring in the People's Republic but Cowen thinks the growth rate will not be sustainable. With the shares taking a hammering yesterday and down almost 5% in early trading today many other analysts opted to hold their targets and back Apple's track record of under-promising and over-delivering. Apple's weakness contributed to a four point fall to 2115 for the S&P 500 index and a 34 point fall for the Nasdaq Composite to 5175. The Dow Jones average was off 43 at 17877. Apple's suppliers such as Cirrus Logic and Skyworks Solutions were getting hit even harder than Apple in early trading. Another tech stock Internet portal Yahoo! was also on the slide after its trading update last night failed to excite. Revenues rose 15% from a year earlier to US$1.2bn but it posted a loss of US$22mln for the second quarter as traffic acquisition costs soared. Investors tucked into Chipotle Mexican Grill after its quarterly earnings while aircraft maker Boeing gained altitude on the back of its results.
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