Apple stock drops on iPhone discounts in China

Apple stock fell sharply Thursday on news reports that the consumer electronics giant cut iPhone prices in China due to increased competition with domestic rivals such as Huawei. Apple announced discounts of up to 500 yuan (about $68.50) on its current iPhone models in China. It also is offering discounts on Macs and iPads in the country.
Patrick Seitz for Investor’s Business Daily:‎The discounts come as Apple is facing intensifying pressure from homegrown competitors in China.
Huawei