Apple’s Stock Has Plunged 25% in Just Over One Month Amid Coronavirus Pandemic

Apple's stock opened at $241.31 today, down over 25 percent from a closing price of $327.20 on February 12. After the opening bell, stock market trading was automatically suspended for 15 minutes due to an over seven percent decline in the S&P 500.


Apple's stock price has seen wild fluctuations due to the COVID-19 coronavirus pandemic, with shares now rebounding above $250 on the intraday market.

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Apple’s Stock Plunges $20 as Stock Market Trading Temporarily Halted After Opening Bell

Apple's stock opened at $255.94 this morning, down nearly $20 from a closing price of $275.43 on Wednesday, as the COVID-19 coronavirus pandemic continues to result in wild fluctuations on the stock market this week.

The broader S&P 500 index dropped over seven percent shortly after the opening bell this morning, triggering an automatic suspension of trading for 15 minutes.


Apple like many large companies is taking several precautions in relation to the COVID-19 outbreak around the world, including closing all Apple Stores in Italy, suspending Today at Apple sessions in several regions, and more. It is also looking very likely that Apple will not hold WWDC 2020 as a physical event, with other large developer conferences like Google I/O and Facebook F8 having already been canceled.

Apple reportedly encouraged its employees in Cupertino and many other locations to work from home this week if possible.


COVID-19 was declared a pandemic by the World Health Organization on Wednesday.
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Apple Stock Rebounded Monday to Record Biggest Single-Day Move in 11 Years

AAPL shares surged 9.3 percent on Monday as the U.S. stock market rebounded and Apple's rating was upgraded by an analyst who said the company was more prepared than its competitors to absorb the impact of the coronavirus outbreak (via Reuters).


Oppenheimer raised its rating on Apple stock from "outperform" to "perform", arguing that the stock had become too cheap since its 16.5 percent drop on February 12 that hovered until Friday's close.

As Barrons notes, the rally meant Apple enjoyed its biggest single-day move in more than 11 years.
Apple played a significant role in Monday's historic rally. Shares of the iPhone maker soared 9.3%, the stock's largest one-day move in more than 11 years.

The $24.45 per share gain contributed 172 points to the Dow Jones Industrial Average's 1,296 point gain. Apple (ticker: AAPL) closed the day at $298.91, after trading as high as $301.44 during the day's session. The stock peaked at $327.20 on Feb. 12.
Apple's stock has yo-yoed amid the developing COVID-19 coronavirus outbreak, and last week saw major fluctuations within the span of hours.

The viral epidemic in China prompted many of Apple's suppliers to suspend production at their factories in February and Apple retail stores temporarily closed out of an abundance of caution.

Apple CEO Tim Cook last week said he felt "China is getting the coronavirus under control," and added that the number of reported infections in the region is "coming down day by day by day." Major ‌iPhone‌ assembler Foxconn today said it expects its Chinese plants to resume normal operation by the end of the month.

Apple's rally boosted the company's market value by $111 billion, while its market capitalization now stands at $1.3 trillion, although that's still shy of the company's all-time high of $328 set on January 29, 2020, which saw its market cap grow to over $1.4 trillion.

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Apple’s Stock Price Experiencing Major Fluctuations Amid COVID-19 Coronavirus Outbreak

Apple's stock has been on a rollercoaster ride today since opening at $257.26, with shares rising as high as $278.41 within a span of a few hours before quickly plummeting as low as the $260s. At times, the price has swung by as much as $10 in both directions in a matter of minutes in what has been a volatile trading session.

Apple's stock is still down significantly from its all-time high closing price of $327.20 on February 16, just over two weeks ago.


Apple's performance is in line with a broader selloff of Dow Jones stocks that analysts believe stems from concerns over the COVID-19 coronavirus outbreak. The virus has infected at least 80,000 people worldwide, resulting in at least 2,800 deaths, according to the latest data compiled by Johns Hopkins University.

The coronavirus outbreak prompted many of Apple's suppliers to suspend production at their factories in China last month, while Apple also temporarily closed its retail stores across the country out of an abundance of caution, leading the company to issue a rare revenue warning for the March quarter early last week.

While many of those factories and stores have since reopened, with measures in place such as limited production and reduced hours, there remains a lot of uncertainty over the COVID-19 situation and that appears to be impacting major stocks, ranging from Apple to Coca-Cola to Disney.

Apple CEO Tim Cook on Thursday said he feels that "China is getting the coronavirus under control," adding that the number of reported infections in the region is "coming down day by day by day."

Tags: AAPL, COVID-19

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Apple Comments on iPadOS Future, Coronavirus, Apple TV+ and More at Shareholders Meeting

Apple's annual shareholders meeting took place this morning at the Steve Jobs Theater on the Apple Park campus, and while most of the focus was on shareholder proposals, Apple executives in attendance did have a few interesting tidbits worth sharing.


Shareholders meetings have limited space and shareholders need to register in advance to attend, but multiple people who were there shared details about the meeting on Twitter.

During his opening remarks, Apple CEO Tim Cook commented on the ongoing coronavirus outbreak that has caused Apple to lower its March revenue forecast due to device shortages and store closures in China.

Cook said that the outbreak is a "fairly dynamic situation" and that it is causing "a challenge" for Apple. He went on to say that Apple's first priority is the health and safety of its employees. "That's where our energies are," he said.

Cook was asked why Apple didn't make an effort to get the rights to the upcoming Friends reunion show that's going to be on HBO Max when it launches in May 2020. Cook said that recycled content is "not what Apple TV+ is about." ‌Apple TV‌+ is "about original programming," said Cook. "It doesn't feel right for Apple to just go out and take a rerun."

During the meeting, Cook confirmed Apple's plans to open an online store in India in 2020 and a retail store in 2021. Apple has been working for years to establish a presence in India.

On the topic of the environment, Cook reiterated a goal that Apple executives have mentioned many times in the past. Apple's aim is to "create an Apple product without taking anything from the earth" as part of a closed-loop supply chain, which is why Apple has established robust recycling methods. "This is one of those things people say you can't do. We're going to find a way to do it," he said.

Other Apple executives were in attendance, and software chief Craig Federighi commented on iPadOS after ‌Tim Cook‌ was asked about iPad software being behind ‌iPad‌ hardware. "If you like what you've seen us do with iPadOS, stay tuned, we're going to keep working on it," he said.

As for voting on proposals, which primarily focused on standard business like electing directors, ratifying a public accounting firm, and approving executive compensation, votes went in Apple's favor and voters sided with Apple's recommendations.

Apple recommended against three shareholder proposals that were not approved, including a proxy access amendment calling for a second shareholder-approved board nominee, a proposal for a report evaluating the feasibility of including sustainability metrics into compensation plans provided to executives, and a proposal asking for a report on whether Apple "has publicly committed to respect freedom of expression as a human right."

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Warren Buffett Sold Off $800 Million of AAPL Stock Last Quarter

Berkshire Hathaway sold $800 million in Apple stock over the last quarter, according to SEC filings published on Friday. Depending on when Warren Buffett's real estate company sold the 3.7 million Apple stock, it will have earned between $806 million and nearly $1.1 billion.


According to Business Insider, what might look like a massive sale is actually only a small portion of Buffett's investment in the tech company. Berkshire is Apple's biggest shareholder with a 5.4 percent stake worth $72 billion, according to Bloomberg data.

It's unclear what prompted the sale, but the company may have wanted to diversify its holdings, given some of its other investments in the last quarter, such as Kroger and Biogen. Apple accounts for 30 percent of Berkshire Hathaway's portfolio. Another possible reason for the sell-off is to cash out after Apple's stock surged by a third last quarter, from around $219 to $294.

Historically, Buffett has shied away from investing in technology companies, but the business magnate has suggested he sees Apple more as a consumer company and has been a long-term investor in the iPhone maker.

Last month, Apple reported quarterly revenue of $91.8 billion and net quarterly profit of $22.2 billion, or $4.99 per diluted share, compared to revenue of $84.3 billion and net quarterly profit of $20.0 billion, or $4.18 per diluted share, in the year-ago quarter. The quarter was the best in Apple's history, topping the first fiscal quarter of 2018.


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Apple Now Worth More Than Germany’s Entire DAX Stock Index

Apple's shares jumped 2 percent today in after-market trading, following the company's best reported quarter ever in terms of revenue and profit.


The tech giant's market capitalization has now grown to over $1.4 trillion, further cementing its place as the world's most valuable tech company. Only the Saudi Aramco oil company is worth more.

AAPL is currently hovering around $312 in pre-market trading. As The Guardian points out, Apple's valuation is now more than Germany's 30 largest listed companies that make up the DAX index on the Frankfurt Stock Exchange.

The DAX is worth a combined $1.36 trillion, including business software giant SAP ($162 billion), chemical company Linde ($111 billion), engineering and industrial conglomerate Siemens ($108 billion), and insurance group Allianz ($100 billion).

The figures are a response to Apple's glowing financial results last night which saw the company post revenue of $91.8 billion and net quarterly profit of $22.2 billion, or $4.99 per diluted share, compared to revenue of $84.3 billion and net quarterly profit of $20.0 billion, or $4.18 per diluted share, in the year-ago quarter. The quarter was the best in Apple's history, topping the first fiscal quarter of 2018.

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Reminder: Apple to Announce Q1 2020 Earnings on January 28

As a reminder for anyone who may have missed the announcement during the holidays, Apple revealed that it will share its earnings results for the first quarter of its 2020 fiscal year on Tuesday, January 28.

The financial report should be released at 1:30 p.m. Pacific Time on that day as usual, followed by a conference call with Apple CEO Tim Cook and Apple CFO Luca Maestri at 2:00 p.m. Pacific Time that will be streamed live on Apple's website. Cook and Maestri will discuss the results and field questions from analysts.


Apple's guidance for the quarter, which ran September 29 through December 28 of 2019:
  • revenue between $85.5 billion and $89.5 billion

  • gross margin between 37.5 percent and 38.5 percent

  • operating expenses between $9.6 billion and $9.8 billion

  • other income/(expense) of $200 million

  • tax rate of approximately 16.5 percent
By comparison, Apple brought in revenue of $84.3 billion in Q1 2019, despite issuing a rare earnings warning due to declining iPhone sales at the time. The company's all-time quarterly revenue record is $88 billion in Q1 2018.

Apple's earnings results will provide some insight into how well the latest iPhone 11, iPhone 11 Pro, and iPhone 11 Pro Max models sold during the holiday shopping season. The devices became available to purchase in stores on September 20 in many countries, nine days before the quarter began.

Apple's services and wearables categories have also been growing for several quarters, so investors will look to see if that trend continues.

(Thanks, Leonard!)

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Apple Stock Sets New All-Time High, Closes at $300 Per Share

Apple shares today hit a new all-time high and reached a closing price of $300 following yesterday's New Year's holiday, marking significant growth over the course of the last year.

In early January 2019, Apple shares were at $144 after Apple lowered its revenue guidance for Q1 2019 by up to $9 billion, spooking investors.


iPhone sales in late 2018 and 2019 saw a major drop in China due to rising ‌iPhone‌ prices and trade tensions, but Apple has managed to boost sales by lowering prices, offering promotions, and introducing the iPhone 11 at a new $699 price point.

Apple stock has surged over the course of the last two months thanks to reports of better than expected ‌iPhone 11‌ and 11 Pro sales and reports of stronger than ever AirPods sales.

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Apple Shares Reach New All-Time High, But Saudi Aramco to Overtake as World’s Most Valuable Company

Apple shares crossed the $269 mark in intraday trading today, setting a new all-time high for the company.

However, oil giant Saudi Aramco is set to overtake Apple as the world's most valuable company based on market cap after raising $25.6 billion in the world's biggest initial public offering ever, according to Reuters. The shares are expected to begin trading on the Saudi stock market on December 11.


Saudi Aramco only offered a 1.5 percent stake in the company to public shareholders, so the $25.6 billion raised gives it an overall valuation of around $1.7 trillion, topping Apple's market cap of around $1.1 trillion.

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