Apple won’t be the last casualty of China’s slowdown

Apple (AAPL) on Wednesday said that it expected a weaker Chinese economy to hurt its holiday sales numbers, prompting its stock to plunge up to 8% in after hours trading. CEO Tim Cook said in a letter to investors that the company had been blindsided by “the magnitude of the economic deceleration” there.

It isn’t the only company that could suffer. The slump in China’s economy, the second largest in the world, could hit companies like General Motors (GM), Volkswagen (VLKAF) and Starbucks (SBUX), which will report earnings in the coming weeks.