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Apple Inc. realized Wall Street’s worst fears with a U.S. Presidents Day holiday warning that the company won’t be able to meet its fiscal second-quarter financial guidance due to the coronavirus in China.

“Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” Apple AAPL, -1.83%  said in a Monday statement. About 15% of Apple’s revenue derives from China and many of its products including the iPhone are manufactured there.

The company’s announcementtriggered global stock losses. Apple shares fell nearly 3% in morning trading.

As for analysts, long-term bulls were not throwing in the towel. “While trying to gauge the impact of the iPhone miss and potential bounce back in the June quarter will be front and center for the Street, we remain bullish on Apple for the longer term 5G supercycle thesis despite today’s news,” said Wedbush analysts Daniel Ives and Strecker Backe, in a note to clients.

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