Apple & FedEx Spook the Market

Halloween is a month away. The Q3 earnings season starts early next month. But analysts and investors are already getting spooked by a rotten Apple forecast and  frightening guidance from FedEx:

(1) Apple shares declined nearly 5% today as Bank of America cut its rating to neutral from buy (chart). It fell yesterday on a report that the company has told suppliers to scrap plans to increase iPhone 14 production. A family member of ours said she isn't upgrading to the new phone because there aren't enough new bells and whistles. So Apple's problem may be that rather than a sign of weak consumer spending.