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Apple's stock price takes a hit after reports detailing a Foxconn hiring freeze surface

Apple's stock takes a hit on news of a hiring freeze at Foxconn.

By Trace Hagan from Feb 20, 2013 @ 17:02 CST

Apple's stock continues to take a hit as reports of a hiring freeze at Apple's largest supplier surface. There have been two opposing theories offered up and it seems like investors are accepting one over the other and are using it as a reason to pound Apple's stock price.

apple_stock_price_takes_a_hit_after_reports_detailing_a_foxconn_hiring_freeze_surface_1

Apple's stock has decreased in value by $11.14, or 2.42 percent, in today's trading. The Financial Times offers up that the hiring freeze is a result of lower demand for Apple products. According to an external recruiter, "Foxconn's demand for workers this year was as low as that in 2009."

Bloomberg offers up a different reason for the hiring freeze. According to the spokesperson they spoke to, "Foxconn halted recruitment until the end of March after more employees returned from the Chinese New Year break than a year earlier."

NEWS SOURCES:Gigaom.com, Bloomberg.com, Ft.com


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