Apple is temporarily closing its 42 stores in mainland China, one of its largest markets, as a new virus spreads rapidly and the death toll there rose to 259 on Saturday. AdvertisementChina is the company’s third biggest market in terms of sales behind the United States and Europe, and it is also where most iPhones and other Apple devices are made. That performance propelled Apple’s stock price to new highs earlier this week, but the escalating uncertainty about the situation in China quickly dampened spirits. Apple shares dropped 4% Friday to finish at $309.51Cook also said the company’s contractors in China have been forced to delay reopening factories that closed for the Lunar New Year holiday. Some of its suppliers are in Hubei, the Chinese province at the center of the outbreak that’s been under lockdown for more than a week.

Source: Los Angeles Times February 01, 2020 18:33 UTC