- KeyBanc data suggests that Apple's (AAPL +0.9%) iPhone sales fell sharply in April, with retail stores mostly closed and heavy pressure on consumer spending.
- The phone's sales dropped 77% Y/Y and 56% from the previous month, KeyBanc says.
- Online sales rose from March, but weren't able to offset the store closures, the firm says.
- And a "modest bump" in phone sales in the second half of April is probably due to stimulus payments, but may not be sustainable, it says.
- That's a negative for several Apple suppliers, analyst John Vinh writes, all of which the firm rates Sector Weight: Cirrus Logic (CRUS -2.6%), Qorvo (QRVO -0.6%), Qualcomm (QCOM +0.0%), Skyworks (SWKS -1.8%), and Synaptics (SYNA -2.0%). It's still Overweight on Broadcom (AVGO -0.7%).