Apple Inc. shares fell almost 5% Tuesday after the Chinese government devalued the yuan which will make imports such as the iPhone more expensive. The stock’s price target was also lowered at Jefferies from $130 to $135 on worries about how the devaluation would affect Apple’s sales in China. Other companies with significant presence in China were also lower. Of the 20 stocks identified by Goldman Sachs as having big China exposure, 19 were trading in the red, including Skyworks Solutions Inc. , Wynn Resorts Ltd. , and Qualcomm Inc. . The three companies derive more than 60% of their sales from China.
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