In just the first hour of trading on Tuesday, the Dow Jones Industrial Average (^DJI 0.56%) has swung wildly. The index opened lower, shot up when the Federal Reserve announced a rate cut, quickly lost those gains, then shot up again. At 10:25 a.m. EST today, the Dow was up 0.54%.

While the novel coronavirus outbreak is dominating the headlines, there was some company-specific news for Apple (AAPL -1.22%) and Visa (V -0.59%). Apple got a boost from an analyst still optimistic about its upcoming 5G iPhones, and Visa was forced to reduce its guidance with growth trends hurt by the coronavirus outbreak.

An analyst still jazzed about 5G iPhones

2020 was supposed to be a big year for Apple, with 5G-enabled iPhones expected to be launched in the fall. That launch is now in some jeopardy as the company's supply chain in China reels from the novel coronavirus outbreak that has killed more than 3,000 people worldwide. If production continues to lag, it could affect the timing of Apple's annual iPhone refresh.

5G text over the earth.

Image source: Getty Images.

Analyst Daniel Ives of Wedbush is still optimistic about Apple's 5G potential, although he admits that it will take months for the supply chain to fully recover. Ives' base case predicts a return to full production in late April or early May, soon enough that it shouldn't disrupt what he expects to be 5G supercycle beginning later this year.

Wedbush maintained its outperform rating on Tuesday, and it reiterated a $400 price target on the stock. Ives expects Apple to ship between 215 million and 220 million iPhones in fiscal 2021, with a best-case scenario of 231 million. He estimates that around 350 million iPhone users are waiting to upgrade.

All of this could be derailed if production in China doesn't resume as quickly as expected, or if the outbreak dampens demand in other countries. Shares of Apple were up about 0.8% Tuesday morning, although the rate cut from the Federal Reserve may be the driving force behind the gains.

Visa cuts guidance on coronavirus impact

Shares of Visa managed to gain 0.5% in the morning, despite the payments giant cutting its second-quarter guidance due to the coronavirus outbreak. In a Securities and Exchange Commission filing late Monday, Visa detailed the effect of the outbreak on its business.

Visa has seen a sharp slowdown in its cross-border business due to less travel to and from Asia. Cross-border e-commerce unrelated to travel has only been affected in certain Asian markets, while both card-present and card-not-present travel-related spending has taken a hit. The company has also seen some impact to domestic spending in Hong Kong and Singapore.

The company can't accurately predict its growth for the second quarter or for the full year given the uncertainty surrounding the outbreak. Growth rates for the cross-border business have deteriorated each week since the outbreak began, and Visa expects the trend to continue.

Based on the situation as of the end of February, the company expects its second-quarter revenue growth rate to be 2.5 to 3.5 percentage points lower than its previous guidance. This outlook assumes some deterioration in March.

Visa will update its full-year guidance when it reports earnings in April.