As Apple Inc. (AAPL) gears up to post its highly anticipated quarterly earnings Thursday, shares of the tech giant are expected to make a significant move on the results. While trading up about 2.3% on Monday afternoon at $166.14, AAPL stock is otherwise down some 10% since highs reached in mid-March. According to one market watcher, this 澳洲幸运5官方开奖结果体彩网:FAANG stock will likely cost 🍃its inves🌸tors another 5% to 10% loss, as . 

In an interview with CNBC, Chad Morganlander, portfolio manager at Washington Crossing Advisors, noted that while AAPL stock has already fallen into a correction, defined as a 10% decline since a 澳洲幸运5官方开奖结果体彩网:52-week high, they are poised to plunge into a 澳洲幸运5官方开奖结果体彩网:bear market. He expects the smartphone maker to shed another $80 billion from its 澳洲幸运5官方开奖结果体彩网:market capitalization, tacking on to the more than $80 billion it has already lost. The iPhone maker has declined about 2% 澳洲幸运5官方开奖结果体彩网:year-to-date (YTD) and has returned over 160% in five years, compared to the 澳洲幸运5官方开奖结果体彩网:S&P 500's about-flat run in 2018 and 67% gain over five years. (See also: Apple Vs. Facebook: May the Best Stock Win.)

Apple to Lose in Key Chinese Market

"We would have a hold on this," said Morganlander, who highlighted uncertainties in China and the waning demand of iPhone sales within that key market as risks facing the Cupertino, California-based company. "People in China are not actually wanting to buy these high-end phones. So, 澳洲幸运5官方开奖结果体彩网:gross margins as well as 澳洲幸运5官方开奖结果体彩网:operating margin vulnerability there in thꦏe short run." 

In China, where Apple attributes an approximate 20% of i🅺ts total revenues, the company has struggled to fight the trend of consumers buying more budget-friendly smartphones from domestic rivals like Huawei Technology and Oppo Electronics. As a result, Apple has experienced decelerating sales growth in the region following a period of double-digits gains between 2012 and 2015. 

A 'True Value Play' in the Long-Term

Longer-term however, the portfolio manager remains optimistic, dubbing AAPL a "true value play," based on the strength of its underlying fundamentals. He applauded the firm's broader transition to software and subscription-based businesses, such as the 澳洲幸运5官方开奖结果体彩网:App Store and 澳洲幸运5官方开奖结果体彩网:Apple Music, indicating that these segments "could actually provide a 澳洲幸运5官方开奖结果体彩网:P/E multiple enhancement in year four ⛎and five" of a five-year timeline. 

In the three month period ended March, Apple's software and services segments are expected to have grown revenue by 19%. 

Trade War Weighs on🃏 Tech Giant Despite Tax Gains

Other Apple bears have highlighted the firm as a potential loser from an impending global 澳洲幸运5官方开奖结果体彩网:trade war, despite being pegged as a company among the best positioned to gain from the GOP tax plan. On Friday, CNBC's Jim Cramer argued that imposing tariffs on $100 billion of Chinese imports would negatively effect Apple, given that many of its products are assembled there. Tensions could significantly disrupt Apple's 澳洲幸运5官方开奖结果体彩网:supply chain and spur oth♔er penℱalties such as boycotts, according to the investor. 

"Apple can try to pass that cost on to their customers, but a 20% tariff on phones means that your $1,000 Chinese assembled iPhone suddenly costs $1,200," said Cramer.

The forecast for Apple to fall over 20% from March highs into a correction comes as investors more generally fear slowing demand for its recently launched iPhones, particularly the 10th anniversary iPhone X, which starts at $999. Results from Apple suppliers seem to have supported the thesis that Apple's current iPhone cycle is not as good as expected and has cooled early, as noted by . Despite lowered expectations on the Street, forecasts for a 13% jump in iPhone revenue over last year and 18% for the June period may still be too high, wrote the WSJ's technology columnist Dan Gallagher. He cited Apple's saving grace as a potential "capital return bonanza" as the company is expected to boost its dividend and buyback activity, helped by $269 billion that the company has freed up via overseas cash 澳洲幸运5官方开奖结果体彩网:repatriation. (See also: 澳洲幸运5官方开奖结果⛎体彩🍌网:Tech Still Reigns Over the Market: Credit Suisse.)