Apple stock dropped over 12% when the market opened yesterday; however, the stock made up some ground. Apple today ended up 4.4%, and while analysts are still fearful about the near-term results of coronavirus, some see a year-end bounce.
Apple shares are down significantly from its 52-week high of $327.85. With at this time’s boost, the shares currently closed at around $252.80, but it surely’s fluctuating in after-hours trading. Now also it’s up from yesterday’s shut of $242.21.
While Apple Stores will remain closed until further notice outside of China, the Trump government is seeking a $1 trillion stimulus package to offset the economic impact of the novel coronavirus. News of this package sent the Dow up over 1,000 points during trading.
As noted by Barron’s, analyst Rod Hall at Goldman Sachs reduced his price target for Apple stock from $300 to $265. Hall has further reduced his estimates for the September 2020 fiscal year.
Hall has lowered his revenue estimates by 4.5% for the March quarter and 5.5% for the June quarter. For June, Hall has pared forecasts by 2%; however, for the December quarter, he’s increased his scope by 5.5%.
Apple originally stated that all of its retail stores outside of China would remain shut until March 27. Overnight, however, it quietly updated the blog on Apple․com to say stores would be closed until the next notice.