Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Apple Inc (AAPL) said during the weekend that it would close all of its official stores and corporate offices in mainland China until February 9th amid rising coronavirus outbreak concerns as the death toll has reached more than 350.

This way Apple is joining a group of international companies such as McDonald’s Corp and Starbucks Corp to temporarily close stores as a precautionary measure.

Apple shares closed lower for a third consecutive trading session on NASDAQ on Monday. The stock went down 0.27% ($0.85) to $308.66, after touching an intraday low at $302.36, or a price level not seen since January 8th ($297.16).

Shares of Apple Inc have added 5.11% to their value so far in 2020 compared with a 0.56% gain for the benchmark index, S&P 500 (SPX).

In 2019, Apple’s stock went up 86.16%, thus, it again outperformed the S&P 500, which registered a 28.88% gain.

“Out of an abundance of caution and based on the latest advice from leading health experts, we’re closing all our corporate offices, stores, and contact centers in mainland China through February 9,” Apple Inc said in a statement, cited by Reuters.

The tech giant also said it would look to re-open all stores “as soon as possible”.

Meanwhile, other companies have advised their employees in China to work remotely and to discontinue non-essential business travel during the first week of February.

Analyst stock price forecast and recommendation

According to CNN Money, the 36 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $347.50, with a high estimate of $400.00 and a low estimate of $190.00. The median estimate represents a 12.58% upside compared to the closing price of $308.66 on February 3rd.

The same media also reported that at least 22 out of 41 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 14 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: USD/CAD daily trading forecastForex Market: USD/CAD daily trading forecast Yesterday’s trade saw USD/CAD within the range of 1.2479-1.2664. The daily high has also been the highest level since February 11th, when a high of 1.2700 was recorded. The pair closed at 1.2497, falling 0.61% on a daily basis, or the first […]
  • Outlook for USD/JPY cross during the upcoming weekOutlook for USD/JPY cross during the upcoming week US dollar ended the week on negative territory against the Japanese yen on trading Friday, as concerns appeared that the 16-day partial shutdown in the United States might probably urge the Federal Reserve Bank to delay its plans of scaling […]
  • US stocks retreat amid speculations of Fed tapering stimulusUS stocks retreat amid speculations of Fed tapering stimulus US stocks fell for a third day on Thursday as investors continued to asses the prospects of stimulus tapering by Fed and the appeal of taking money off the table after the markets record-breaking rally.The S&P 500 lost 6.72 points, or […]
  • US stocks advanced to fresh highs despite weak jobs dataUS stocks advanced to fresh highs despite weak jobs data U.S. stocks gained on Friday, as the Standard & Poor’s 500 Index erased an earlier decline, amid data showing employers added fewer workers than anticipated in July signaled the Federal Reserve will continue its stimulus efforts till […]
  • Commodity Market: Gold heads for fifth straight weekly gain on Fed rate hike slowdown hopesCommodity Market: Gold heads for fifth straight weekly gain on Fed rate hike slowdown hopes Spot Gold looked set to register its fifth consecutive week of gains and traded near a nine-month peak on hopes the Federal Reserve may slow the pace of interest rate hikes."Fed policy calibration thematic amid signs of more entrenched […]
  • Natural gas retains gains after EIA storage dataNatural gas retains gains after EIA storage data Natural gas clung to its daily gains on Thursday as an upcoming cold snap on the East Coast offset a slightly larger-than-projected build in US natural gas inventories. Gains, however, were capped as extended forecasts showed mild weather […]