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Apple Slips; Analyst Sees More Smartphone Pressure

Apple Inc. saw its shares slip more than 1.5% to $436.14 on Tuesday morning. In a note to clients, Jefferies & Co. analyst Peter Misek said he sees Apple and other smartphone makers "as having immense difficulty in maintaining current gross margins and see secular pressure pushing it to the low 30%s." He sees part of the culprit as "Moore Stress" -- a term coined by the broker in reference to rising manufacturing costs that will offset the declining cost-per-transistor posited by the well-known Moore's Law. Misek says Apple is particularly challenged "due to its reliance on the high-end market," and noted that the company may face increased costs from Samsung as a component supplier, and other challenges in moving to a new generation of display technology. Apple CEO Tim Cook is expected to testify before Congress later Tuesday morning about the company's tax practices and large base of offshore cash.Copyright © 2013 MarketWatch, Inc....

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