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Edition: U.S. Article Comments (0) Video Global Technology Summit How would you fix Sony? Carriers to revamp tablet service pricing Homes, cars and phones slowly linking up Foursquare, LivingSocial eye local ad dollars Top quotes from the Global Technology Summit Tech Summit Q&A, day 1: AOL’s Tim Armstrong, Arianna Huffington Tech Summit Q&A, day 2: Symantec CEO talks privacy Tech Summit Q&A, day 3: “Unsexy” tech companies Tech Summit Q&A, final day: Verizon, Foursquare, LivingSocial Video: Alcatel-Lucent CEO says focus is on 4G in the U.S. Follow Reuters Facebook Twitter RSS YouTube Read Obama visits family roots in Ireland | 3:11pm EDT Tornado devastates Joplin, Missouri, 116 dead | 4:38pm EDT Pile of debt would stretch beyond stratosphere 19 May 2011 Student implicated in Rutgers suicide pleads not guilty 12:04pm EDT As hours tick by, "Judgment Day" looks a dud | 21 May 2011 Discussed 325 Obama and Netanyahu face tense meeting on Mideast 122 As hours tick by, ”Judgment Day” looks a dud 103 Broadcaster silent as Judgment Day hours tick by Watched Plankers get fired for stunt Sun, May 22 2011 Arnold Schwarzenegger's mystery woman identified Thu, May 19 2011 Deadly tornados hit U.S. midwest 6:45am EDT Apple investors brush off China blast impact Tweet Share this By Poornima Gupta and Clare Jim SAN FRANCISCO/TAIPEI (Reuters) - Shares of Apple Inc regrouped on Monday after Wall Street brushed off the impact of an explosion last week that shut a Foxconn factory in China producing its popular iPad. Production... Email Print Related News UPDATE 1-Foxconn confirms 3rd death at plant linked to iPad Sun, May 22 2011 Apple probes blast at Chinese plant Sat, May 21 2011 Intel eyes Apple as it maps its future Wed, May 18 2011 Foxconn sees dramatic improvement in 2011 results, shares jump Wed, May 18 2011 Apple plans smaller SIM card Tue, May 17 2011 Analysis & Opinion Tech wrap: Liberty Media eyes Nook e-reader China making improvements with product safety, CPSC chief says Related Topics Technology » Hot Stocks » Asian Markets » Media » China » iPad » Steve Jobs » Related Video Hon Hai shares hit after China blast Sun, May 22 2011 By Poornima Gupta and Clare Jim SAN FRANCISCO/TAIPEI | Mon May 23, 2011 3:15pm EDT SAN FRANCISCO/TAIPEI (Reuters) - Shares of Apple Inc regrouped on Monday after Wall Street brushed off the impact of an explosion last week that shut a Foxconn factory in China producing its popular iPad. Production at the plant in the southwestern city of Chengdu was suspended by Foxconn Technology Group, Apple's biggest manufacturing partner, after three workers died in a Friday blast blamed on combustible dust in a duct. The incident stoked fears that production of the seminal tablet -- already constrained by shortages of components and rabid demand -- would again be disrupted. But the impact should be minimal because of Foxconn's ability to rapidly shift output elsewhere in its sprawling network, coupled with Apple's relying mainly on other locations, investors and analysts said. Shares in the world's largest technology company by market value held steady in afternoon trade at about $335.43, after slipping as much as 1.7 percent in the morning. "This seems to be a manageable situation," said Channing Smith, Managing Director at Capital Advisors Growth Fund, which owns Apple shares. "The evidence of that is in the share price today." Foxconn -- whose main listed flagship is Hon Hai Precision Industry -- plans to resume operation at the plant after it completes an investigation. No timeframe was given. Apple sold 4.69 million iPads last quarter and is scrambling to meet staggering demand, coping with what company executives have called "the mother of all backlogs." Some analysts predict more than 6 million could ship this quarter. There remains a 1- to 2-week waiting period for iPads in most major regions. Production had been expected to ramp up during the present quarter to meet demand. Hon Hai's plant in Shenzhen in southern China is seen as the main assembly site for iPads, while the Chengdu plant was a newer base with production still ramping up, according to various reports. Stern Agee analyst Shaw Wu said even at the Chengdu location itself, production was spread out among assembly lines in several unaffected buildings. "This is definitely a setback," Wu said. "At the same time, it's not that big a deal." HON HAI SHARES FALL While the impact on Apple is deemed minimal, investors in Hon Hai were worried about the fallout of the blast on the electronics supplier. The incident marked the latest worker deaths at Foxconn, which last year grappled with a barrage of criticism after a spate of suicides tore the lid off what some called dismal conditions for its mostly migrant labor population. A potential loss of orders from Apple could amp up the pressure on Hon Hai, which is already facing rising costs. Shares of Hon Hai in Taipei closed nearly 3 percent lower on fears Apple may shift orders to its rivals. They had dived as much as 5.2 percent following the news of the blast, to their lowest since late August. "Foxconn Group makes 70-80 percent of Apple's parts, and Apple may reconsider concentrating production with one contract maker," said Hua Nan Securities Chairman David Chu. "This could hurt Hon Hai in the long run." But the brokerage said the explosion happened in a machinery room for cutting metal and, given that no assembly line or inventory was involved, the blast was unlikely to cause any meaningful production disruption. Hon Hai said Monday the company was assessing the damage and local authorities were investigating the explosion. The plant would resume operation once the investigation finished, it added in a stock exchange filing. "A majority of iPad2 production is still done in Shenzhen, and that even if the whole Chengdu iPad2 production line is damaged, the impact should be less than 20 percent of iPad total production," UBS said in a research report. The Chengdu facility was set up late last year in an effort to lower labor costs which are cheaper in the inland areas. Chengdu city government has said last October that Foxconn Technology Group would invest $2 billion on a new plant in Chengdu. Many manufacturers, including PC contract maker Quanta Computer Inc and Compal Electronics Inc, have also been moving operations in China away from coastal regions such as Guangdong and Fujian to inland areas. (Additional reporting by Faith Hung and Argin Chang; Editing by Edwin Chan, Lincoln Feast and Bernard Orr) Technology Hot Stocks Asian Markets Media China iPad Steve Jobs Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. 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