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This story has been updated with Foxconn's response.
NEW YORK (
Sina(SINA - Get Report) was a big gainer in premarket trading on Wednesday, lifted by the company's better-than-expected fourth-quarter results.
The Chinese Internet firm beat Wall Street's top- and bottom-line estimates and delivered solid guidance. Buoyed by the results, Sina shares rose 8.45% to $58 before market open.
Apple(AAPL - Get Report) shares, however, dipped 0.76% to $456.50. On Wednesday
, The Financial Times reported that Apple's manufacturing partner
Foxconn has implemented a recruitment freeze at its Chinese factories as it slows production of the iPhone 5.
Foxconn, however, says that the recruitment slowdown has nothing to do with the iPhone 5. "Due to an unprecedented rate of return of employees following the Chinese New Year holiday compared to years past, our company has decided to temporarily slow down our recruitment process," explained a spokeswoman, in an email to
TheStreet. "This action is not related to any single customer and any speculation to the contrary is false and inaccurate."
Apple has yet responded to
TheStreet's request for comment on this story.
Tech research firm
Strategy Analytics, however, reported that Apple's iPhone 5 overtook
Samsung's Galaxy S3 during the fourth quarter to become the world's best-selling smartphone.
Dell(DELL), which beat Wall Street's estimates in its
fourth-quarter results on Tuesday, slipped 0.04% to $13.81.
The No. 3 PC maker didn't provide guidance for the first quarter of fiscal 2014, citing the recent
announcement to take the company private.
Vodafone(VOD) shares dipped 1.5% to $24.95 before market open, while chip design specialist
ARM Holdings(ARMH) gained 0.09% to reach $43.81.
Sony(SNE - Get Report), which is expected to launch its
PlayStation 4 game console on Wednesday evening, gained 0.2% to reach $14.68.
--Written by James Rogers in New York.
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