By Sam Boughedda
Investing.com -- Apple (NASDAQ:AAPL) and Qualcomm (NASDAQ:QCOM) shares dipped Friday after JPMorgan analyst Samik Chatterjee removed the companies from the firm's "Analyst Focus List."
On Friday, Apple shares fell 0.8%, while Qualcomm was the more significant loser, falling over 5%.
Commenting on Apple, the analyst told investors in a note that moderation in consumer spending will temper expectations from the recent iPhone SE launch. The analyst added that gaming in China may weigh on Apple's services.
The comments on Apple follow reports earlier this week that the company will cut production on the iPhone SE due to demand.
Regarding Qualcomm, the analyst said it will likely feel the impact of the weakness in the smartphone market, especially in low- to mid-end Android devices.
Chatterjee explained there has been "a lot of noise around demand weakness across global tech, but we believe the macro weakness seeping through the sector will impact the consumer end-markets more materially."
However, JPMorgan still has overweight ratings on the stocks due to "better than peer group resilience to consumer weakness."