What you need to know
- Yesterday was a bad day for AAPL.
- It saw its shares decimated.
- But it's started to recover already.
After spending yesterday in freefall AAPL has started to recover. At the time of writing it's sat at $261.50, an increase of 5.3% and climbing.
Apple isn't alone in seeing its stock fall during the coronavirus outbreak, with technology companies, in particular, finding it hard going. Apple shareholders will be more than pleased to see that the rebound has already begun in pre-market trading.
The bounce is no doubt helped by the news that Foxconn is seeing production return to normal more quickly than anticipated. That news broke yesterday, with the iPhone maker one of the key players in Apple's ability to get product into stores and, in turn, into the hands of customers.
Terry Gou Tai-ming, founder of Apple's major contract manufacturing partner Foxconn Technology Group, said on Thursday the resumption of production at its factories in mainland China had "exceeded expectations", following a prolonged halt owing to the coronavirus outbreak that has disrupted supply chains.
Recent reports early last week suggested that Foxconn was hoping to return to normal production this month, however, this latest report suggests it may already have achieved this goal. It had previously been forced to delay the return of its workers back in February and was even told it could not reopen by Chinese authorities.
It'll now be very interesting to see what happens when that bell rings in New York a little later on.