Trade talks with China sour and US cos with exposure get hit
NEW YORK (AP) — U.S. companies that do a lot of business in China are getting hit hard in early trading after President Donald Trump threatened more tariffs with trade talks between the world’s two biggest economies faltering.
Apple, Qualcomm and Broadcom, who rely heavily on Chinese business, fell close to 3% before the opening bell Monday. According to data provider FactSet, 64.7% of Qualcomm’s revenue comes from China. Broadcom’s Chinese revenue is 48% of its total and Apple gets nearly one-fifth of its revenue from world’s second largest economy.
Wynn Resorts, with a host of casinos and hotels in Macau, gets about 75% of its revenue from China, according to FactSet. Wynn shares have tumbled nearly 5% in premarket trading.