What you need to know
- After a drastic tumble last week, Apple's stock is enjoying a resurgence.
- Stock climbed 9.31% or $25.45 yesterday, March 2.
- That's the biggest single-day move in 11 years.
Apple's stock is back on the up after a fairly drastic tumble last week, enjoying its biggest single-day move in 11 years on March 2.
As Barron's notes:
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.
Last week, Apple stocked plunged 20% from its January 29 high of $327.85 per share, bottoming out at around $258.
However, since the start of the week, Apple's share price is back on the up, reversing much of February's late spiral. As Neil Cybart notes, Apple's market cap has increased by the value of Netflix, or Spotify and Nike combined, over the last two days:
Pre-market trading is up ever-so-slightly, with signs that AAPL may resurface above the $300 mark today, March 3. According to Evan Niu, market resurgence as a whole seems to have been buoyed by the realization that the coronavirus outbreak may simply delay some sales, rather than see them lost altogether. An investors note from Uerkwitz stated:
We believe Apple products and services will prove more resilient than competitive products in uncertain times... Additionally, Apple's strong balance sheet offers the company tremendous flexibility to keep the supply chain nimble as well as continuing to support its capital return plan."