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Apple’s new watch has traders punishing one massive retailer (AAPL, UHR)





Apple Watch Series 3

One major retailer is taking the news of Apple‘s new watch on the chin.

Swatch, the $21 billion Swiss watchmaker, dropped as much as 4.5% on Tuesday, losing almost $1 billion in market value in the process.

Based on the stock reaction, traditional watch retailers like Swatch will have their work cut out for them as they face unprecedented pressure from their most technologically-advanced competition yet. Of particular concern to at least one analyst is how Apple’s Series 3 watch no longer requires an iPhone to perform cellular functions — read more >>>

Source:: BusinessInsider.Com

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