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Stock Alert: Apple Down 4% ; March Event Reportedly Uncertain

Shares of tech giant Apple Inc. (AAPL) are currently down nearly 4% on Wednesday morning trade. Reports claim that the tech giant has indefinitely postponed its upcoming March 31 launch event.

Apple was expected to launch the budget iPhone, the iPhone SE 2 along with new generation iPad Pro and other tech products. According to a Cult of Mac report, sources close to Apple said that the Cupertino, California-based company may postpone the launch with no fixed date yet owing to the ongoing novel coronavirus scare across the world.

The report says Apple is "concerned" to bring over 1,000 people together at Steve Jobs Theater at Apple Park in Cupertino, California, for the event.

Earlier this week, a report from DigiTimes said Apple's next flagship smartphone, iPhone 12, which will feature 5G tech, could be delayed until October. According to the report, the tech giant's restriction on its engineers from traveling to Asia amid the ongoing coronavirus outbreak has affected the development of its next-generation iPhone.

AAPL is currently trading at $275.33, down $10.01 or 3.51%, on the Nasdaq.

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