According to CoinMeta, Apple's stock price fell 2.66% on September 29, closing at $329.40, losing the support of $333 and dropping 4.6% from its historical high of $345.34 set on September 22. This decline was unique to Apple, with Apple performing the worst in the electronics technology sector, while chip manufacturers such as Broadcom and Micron saw increases. John Ternus plans to cut middle management and project manager positions at Apple, and may also cancel Apple's fixed spring-summer release schedule. Bank of America analyst Wamsi Mohan warned that Muse AI proxies could pose a threat to Apple, although he still gives Apple stock a "buy" rating. Apple's price-to-earnings ratio is 37.8, exceeding the five-year average of 31; UBS gives a neutral rating with a target price of $296. Apple reported revenue of $109.4 billion in the June quarter, a year-on-year increase of 16%. iPhone sales grew by 22%. Management expects the gross margin to fall to between 47% and 48%. Apple will announce its financial results on October 29.