On May 14, 2016, Zacks Investment Research downgraded Jabil Circuit Inc JBL to a Zacks Rank #5 (Strong Sell).Going by the Zacks model, companies holding a Zacks Rank #5 are likely to underperform the broader market over the next one to three months.Apple AAPL, Jabil’s largest customer, has lowered its guidance, thereby raising concerns for the latter.Why the Downgrade?Jabil, which is one of the largest global suppliers of electronic manufacturing services, derives nearly 20% of its total revenue from Apple while over 30% of the company’s operating income is attributable to the iPhone maker.Of late, Apple’s growth has been muted because of demand woes related to iPhone and China. Due to this, Apple even declared its plans to reduce channel inventory (primarily iPhone) by $2 billion in the current quarter. This move will directly impact Jabil’s financials, at least in the near term.Moreover, in the last reported quarter, Jabil missed estimates on both counts. Furthermore, it issued a weak revenue outlook for fiscal 2016. For the current quarter, it expects a revenue decline of 4% year over year.As a result, over the last 60 days, earnings estimates have been on a downtrend. The Zacks Consensus Estimate declined 22.9% for both fiscal 2016 and 2017 to $1.68 and $1.92 per share, respectively.Stocks to ConsiderA couple of better-ranked stocks in the broader technology sector are Facebook Inc. FB and PetMed Express, Inc. PETS, both sporting a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PETMED EXPRESS (PETS): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report JABIL CIRCUIT (JBL): Free Stock Analysis Report FACEBOOK INC-A (FB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research