Murata Falls in Osaka After Report of Apple Cut in IPad Orders
Murata Manufacturing Co., a Japanese supplier of smartphone parts, fell the most in three weeks in Osaka trading after JPMorgan Chase & Co. said Apple Inc. (AAPL) is cutting orders to vendors in its iPad supply chain.
Murata, which makes capacitors for smartphones and other devices, fell 3.9 percent to 4,300 yen at the 3:10 p.m. close on the Osaka Securities Exchange, the biggest drop in the Kyoto- based company’s shares since Sept. 6.
The Sept. 25 JPMorgan report may have prompted some investors to sell stakes in Murata, Hiroharu Watanabe, an analyst at SMBC Nikko Securities Inc. in Tokyo, said by phone today. The report said several supply chain vendors indicated in the past two weeks that Apple lowered fourth-quarter orders for its iPad tablet computer by 25 percent.
The report, written by Hong Kong-based analyst Gokul Hariharan, did not list companies affected by the cut. JPMorgan analyst Mark Moskowitz said yesterday the earlier report did not represent the views of the securities firm’s U.S. team, and wrote that Apple was “fine.”
To contact the reporter on this story: Takashi Amano in Tokyo at firstname.lastname@example.org
To contact the editor responsible for this story: Young-Sam Cho at email@example.com