The opening of markets on Monday commenced with a bleak outlook for Apple's immediate future, as inter-session trading over the weekend dramatically cut the share price of the iPhone maker and other major stocks, caused through the ongoing coronavirus panic by investors.
Wamsi Mohan from Bank of America has tweaked his target price for Apple stock, and is slightly reducing what he expects from the company for 2020, mostly because of supply and demand impacts from the coronavirus pandemic.
Following after a weekend battering as part of a global financial meltdown caused by the coronavirus, Apple's stock has bounced back from Monday's sudden drop, with the share price considerably recovering near to Friday's closing price in premarket trading.
Apple's sales of iPhones are considerably down in China for the last quarter, according to Daniel Ives from Wedbush, but Apple's ability to bring the supply chain back to normal is of bigger importance to investors.
Apple's shares have taken a hammering over the weekend in after-hours trading, with the share price set to open on Monday morning at about $20 below its value at the end of trading on Friday afternoon, its biggest drop in five years.
Timothy Arcuri from UBS is seeing some short-term struggles for Apple and the iPhone between production problems and temporary demand decreases, but sees restoration of iPhone production and sales in 2020.
The coronavirus outbreak has made an impact on Foxconn's finances with the iPhone assembly partner enduring its biggest year-on-year drop in revenue for a month in a seven-year period due to the virus affecting its production pipeline.
Another supplier of iPhone radio-frequency chips, Skyworks Solutions, has cut its revenue guidance due to the ongoing coronavirus outbreak.
In an overall smartphone market with increasing challenges and decreasing sales, Apple grew its marketshare and increased iPhone sales year-over-year in the 2019 holiday quarter.
As investors ride the "roller coaster" that is Apple's coronavirus-impacted stock price, Daniel Ives from Wedbush sees a firm core business, and outstanding long-term prospects for Apple and the 5G "iPhone 12."
Apple's stock price surged 9.3% on Monday in the midst of a broader Wall Street rebound and an upgraded analyst rating.
The coronavirus is only a "temporary condition" to deal with, Apple CEO Tim Cook suggests, but while he is uncertain about how it will affect the quarter's finances, he still believes Apple is "fundamentally strong" and will weather the storm.
The iPhone 11 was the second best-selling smartphone in the entire world for 2019 behind the iPhone XR, Counterpoint Research claims, despite only being made available for fewer than four months out of the whole year.
As uncertainty swirls about the coronavirus impact technology industry-wide, industry stalwart Microsoft has issued an earnings warning, and Apple stock price continues to plummet.
An Apple shareholder proposal critical of Chinese App Store policies failed to gain approval on Wednesday, but experts say a relatively high show of support from investors could prompt the tech giant to respond.
Apple will be opening its first retail outlet in India in 2021, CEO Tim Cook has advised to shareholders, marking the iPhone maker's initial self-owned outlet in an important potential market.
Apple's stock holders have voted in the annual shareholder meeting at Apple Park, with the company getting everything it recommended in every vote presented at the gathering of investors.
While the coronavirus is still having a big impact on China iPhone production, and the smartphone market as a whole, Morgan Stanley sees the impacts as mostly timing problems for Apple, and are buyers, maintaining a $368 stock price target.
Apple has issued a warning to shareholders attending Wednesday's annual shareholder meeting about the coronavirus, asking people who recently visited China to make sure they self-quarantined for two weeks beforehand, to minimize further spread of the virus.
The 89-year-old billionaire Warren Buffet says that he has switched to the latest iPhone after years of using a $20 flip phone, despite years of investing in Apple and describing it as the best business in the world.
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Malcolm Owen
Mike Wuerthele
Mike Peterson
Amber Neely
AppleInsider Staff
William Gallagher
