Apple Stock Rebounded Monday to Record Biggest Single-Day Move in 11 Years

[MacRumors]

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 "perform" to "outperform", 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.

Article Link: Apple Stock Rebounded Monday to Record Biggest Single-Day Move in 11 Years

 

[jayducharme]

"A trillion here, a trillion there ... pretty soon you're talking real money."

 

[JosephAW]

I wonder how much of that Apple stock was bought back by Apple?

 

[azentropy]

I wonder how much of that Apple stock was bought back by Apple?

I would have thought a bunch, but in the past they haven't really seemed to care much at what price they do buybacks. Might be more to avoid looking like they are trying to manipulate the price.

 

[I7guy]

Hope everybody who was capable bought on the dip.

 

[DelayedGratificationGene]

“Remember that virus thing from this past winter that scared the heck out of the markets?”...”ya what was that coney virus or something?”...”haha ya I can’t recall”...”wish I would have loaded up on Apple back then, (sigh)”, “ya me too (bigger sigh)”
[automerge]1583239929[/automerge]

I wonder how much of that Apple stock was bought back by Apple?

It was such a sharp v recovery tough for anyone to buy

 

[rmoliv]

No wonder China is getting the virus under control, the govt treats the Chinese people as livestock. Timmy of course couldn’t care less.

 

[CarpalMac]

Absolutely predictable, I bet a lot of people have made a lot of money very easily here. Wish I was able to of joined in for the ride!

 

[I7guy]

... Timmy of course couldn’t care less.

Which Timmy? Tim Cook, ceo of Apple, probably does care and has some empathy for the situation.

 

[djcerla]

At this point, it’s just irrational exuberance. No visibility here.

 

[victorm1]

“Oppenheimer raised its rating on Apple stock from ‘outperform’ to ‘perform.’” Wait, isn’t outperform better than perform? Either Oppenheimer lowered its rating or the two terms are the wrong way around.

 

[nylonsteel]

decent bust-a-move up (i know so early 2000's)

 

[neuropsychguy]

Hope everybody who was capable bought on the dip.

I did. A whole 2 shares so I'm ready to retire now!

 

[ijbond]

Nobody is reading news nowadays?? Perhaps too difficult to understand? Pray for your parents' lives.

 

[Andres Cantu]

From $330 to $250 to $300, in like two weeks. Almost trades like a penny stock, scary. But then again, that’s nothing new.

 

[TMRJIJ]

Hope everybody who was capable bought on the dip.

I did!

 

[Rogifan]

From $330 to $250 to $300, in like two weeks. Almost trades like a penny stock, scary. But then again, that’s nothing new.

Isn’t that a lot of stocks right now? The market is kind of crazy right now.

 

[Mr. Dee]

Hope everybody who was capable bought on the dip.

I was going to but changed my mind. Kicking myself right now.

 

[lowendlinux]

That logo will hopefully become my new wallpaper

 

[smirking]

It's a dead cat bounce.

 

[triton100]

No wonder China is getting the virus under control, the govt treats the Chinese people as livestock. Timmy of course couldn’t care less.

Do you write this comment about ‘Timmy’ on all the other tech forums for Samsung, Sony, dell etc etc etc or are the ‘evils’ of the Asian workplace solely the responsibility of ‘Timmy’ ?

 

[fathergll]

Hope everybody who was capable bought on the dip.

There's an old saying, don't try and catch a falling knife. Unless you short selling it would be silly to think this isn't going to come back down hard. The market crashed because of Italy's lockdown last week. If U.S. or UK goes into lockdown this is going to plummet. Thats when you want to buy. Buying last week is like buying a gucci jacket on slight discount. It's not actually on clearance yet.

 

[Baymowe335]

I have said it over and over. Buy any meaningful dip in AAPL and just keep accumulating it.

 

[sw1tcher]

It was such a sharp v recovery tough for anyone to buy

It's not tough if you do a buy limit order. Set a price you'd like to buy at. Unless you're trying to get in at the bottom.

 

[Freeangel1]

awesome! when can we see 10.15.4 Catalina so some of these bugs can be fixed? back to the Mac now that iPhone production has slowed.