Apple shares dropped 1.2% in premarket trading today. The stock went ex-dividend for a quarterly payout of $0.27, which reduced the opening price.

Analysts and the supply chain added to the pressure. The most painful hit came from Jefferies, which downgraded the stock to "Underperform" and cut its price target from $285.56 to $263.66. It cited the cancellation of the long-awaited fully glass iPhone (due to low production yields of acceptable units) and lowered earnings forecasts through fiscal 2029.

Another important report appeared last night, saying Apple is testing memory chips from Chinese company CXMT for iPhone and MacBook models. This comes amid a global DRAM and NAND shortage driven by the rapid expansion of artificial intelligence.

The source also says Apple is seeking White House approval before officially signing contracts with the Chinese supplier, adding regulatory and geopolitical risks that investors are still assessing. Earlier this week, Phillip Capital also downgraded the stock, pointing to rising memory prices as a threat to Apple's gross margin.

The market backdrop offered no help. The S&P 500 was nearly flat (+0.1%), the Nasdaq rose +0.3%, and the Dow Jones fell -0.1%. That did not give Apple the macroeconomic support needed to offset its company-specific problems.

Shares remain well below the 52-week high of $344.57 and are still recovering from the post-earnings sell-off. Management had guided revenue growth of 9–11% for the fourth fiscal quarter, below Wall Street's 12% expectation, and warned that rising memory costs would pressure margins in the coming quarters.

So, the ex-dividend adjustment, Jefferies' downgrade signaling a pullback in Apple's premium iPhone strategy, the unresolved question of switching to Chinese memory, and a below-consensus forecast are keeping sellers active in the premarket. Shares are trading at $309.28, closer to the session low than the high.