Apple shares rebound, largely erasing last week's tumble

Apple's shares have largely recovered from last week's coronavirus-inspired slide.

Apple's stock price surged 9.3% on Monday in the midst of a broader Wall Street rebound and an upgraded analyst rating.

Shares of Apple ended the day at $298.81, up $25.45 from its closing price on Friday. The bounce-back comes after a rough week for Apple and Wall Street. From Feb. 14 through last Friday, Apple's stock tumbled more than 16% due to concerns surrounding COVID-19.

Oppenheimer today upgraded its AAPL rating from "perform" to "outperform," noting that the company was better equipped to deal with the impact of the global coronavirus crisis than its competitors.

"Our limited checks indicate Apple will prove more resilient than others as firms worldwide navigate changing supply chains and customer demand uncertainty," said Andrew Uerkwitz, an analyst at Oppenheimer.

In the wake of a paralyzed supply chain and closed retail stores in mainland China, Apple last month said that it would likely miss its revenue guidance in the second quarter of 2020.

While stores and manufacturing facilities are reopening, they're taking some time to get back to full speed. Despite that, Apple CEO Tim Cook told Fox Business Network last Friday that China appears to be "getting the coronavirus under control."

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7 Comments

tjwolf

said about 4 years ago

“...largely erasing last week’s tumble” - your own numbers indicate that it gained back 9% of a 16% loss - I wouldn’t call just over half “largely”.

slurpy

said about 4 years ago

I would say thats a massive recovery, probably the biggest ever recovery in a single day, keeping in mind the stock price before last week was an all time high.

LukeCage

said about 4 years ago

"Our limited checks indicate Apple will prove more resilient than others as firms worldwide navigate changing supply chains and customer demand uncertainty," said Andrew Uerkwitz, an analyst at Oppenheimer.
This might be true but these are the same people year after year that say according to their supply checks or sources working in Apple’s supply chain, product x or y will be in short supply. Or worst that Apple is just now ramping up production. Apple’s supply chain is vast and complex a simple supply check wouldn’t be able to pierce through the complexity of Apple’s supply chain.

ihatescreennames

said about 4 years ago

tjwolf said:

“...largely erasing last week’s tumble” - your own numbers indicate that it gained back 9% of a 16% loss - I wouldn’t call just over half “largely”.

Actually, FTA: “ From Feb. 14 through last Friday, Apple's stock tumbled more than 16% due to concerns surrounding COVID-19.“

The article makes 2 points, the 16% drop since 2/14 and that it largely made up last week’s losses. I think you merged the two points and came to an inaccurate conclusion.