Apple Inc (NASDAQ:AAPL) shares are trading lower Monday. Here’s a look at what’s going on.
What To Know: According to a 9to5Mac report confirmed by the Verge, Apple is set to pull its Apple Watch Series 9 and Ultra 2 this week to comply with a new ITC import ban due to a patent dispute with Masimo over its SpO2 sensor.
The ban will only impact Apple’s Series 9 and Ultra 2 models as the sensor is not used in Apple Watch SE models or in previous generations of the Apple Watch. The ban is also limited to the United States.
Apple spokesperson Nikki Rothberg told the Verge that Apple “strongly disagrees” with the order and is “pursuing a range of legal and technical options to ensure that Apple Watch is available to customers.”
According to a Bloomberg report citing people familiar with the matter, China’s iPhone ban across government and state firms has also accelerated, which could be adding to selling pressure in Apple shares Monday.
The report indicates that several new agencies across at least eight provinces have ordered staff to stop bringing iPhones to work. Employees are reportedly being instructed to start using local phone brands instead.
Bloomberg called it a “major step-up” from the bans that were announced in September.
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AAPL Price Action: Apple shares closed at an all-time high last week. The stock was down 1.46% at $194.68 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Apple.
