Shares of Apple Inc. AAPL, -4.19% fell 0.7% in premarket trade Monday, after J.P. Morgan cut its earnings estimates on the technology giant, citing new forecasts for modest declines in iPhone shipments for this year and next. Analyst Samik Chatterjee cut his stock price target, for the second time this month, to $266 from $270, but kept his rating at overweight. He said the lower earnings outlook is because of a weaker macro-economic environment in emerging markets, such as China, which is driving softer consumer confidence in certain countries, and a stronger U.S. dollar, which is making iPhones more expensive in foreign currencies. He cut his annual iPhone volume expectations for calendar 2018 to 214 million from 216 million and for 2019 to 208 million from 218 million, while his earnings-per-share estimates drop by 10 cents in fiscal 2019 and fiscal 2020. On Nov. 2, Chatterjee had trimmed his stock price target to $270 from $272 to reflect U.S. dollar strength concerns. Apple's stock has lost 1.5% over the past three months, while the SPDR Technology Select Sector ETF XLK, -3.11% has dropped 4.4% and the Dow Jones Industrial Average DJIA, -1.92% has gained 2.7%.