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Apple Up 3% Despite Fear of COVID-19 Omicron

by ITECHNEWS
December 2, 2021
in Business
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0
Apple Up 3% Despite Fear of COVID-19 Omicron

Omnicon fears have caused some strange moves in the market as a lot of blue-chip stocks fell, including Google, Amazon, Microsoft, and Meta, with Nasdaq down by 1.6%, S&P 500 by 1.9%, and the Dow lost 651 points. Quite surprisingly, however, Apple stock AAPL saw an increase when other tech company stocks dropped.

According to the story by 9to5Mac, AAPL was not caught in the storm as its share price during the red market rose by 3.16% as investors were looking at the stock as a safe haven with both short- and long-term plans. 

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The wide-spreading Omicron COVID-19 variant has stretched between countries and has shown itself as particularly infectious. To add, early indications show that the existing vaccinations are effective in combating the new mutation.

APPL Share Price

Investors, however, remain concerned regarding the potential economic impact that further lockdown measures could have on the market. The lockdown measures are now designed to limit the overall spread of the virus.

According to an article by CNBC, investors are considering AAPL as a safe bet when it comes to the short term. This is due to the company having the cash that is needed to ride out any sudden economic slowdown while potentially benefiting from cost savings.

Analyst Gives Insights on Why People are Investing in Apple

Laura Martin, a Needham analyst, gave a statement to CNBC saying investors turned to Apple due to the company having a prodigious cash flow. This could allow them to endure any slowdown in the economy and be able to take advantage of falling prices.

Martin said that there is a flight to quality when it comes to companies that know will weather the storm, not end up bankrupt, and not have any financial distress. With this being said, Martin also noted that the other large-cap tech stocks aren’t as down as other smaller firms are.

Apple Company Performance

Martin said that there are indications that Apple’s current products like the iPhone Pro models continue selling well, potentially leading to a large December quarter for Apple. To add to this, Apple said in October that the company expected record revenue in the fiscal Q1 of the 2020s $111.4 billion when it comes to sales despite supply constraints.

Martin said that there are a lot of good numbers that are coming out of retail regarding how their products are being sold. With this, Martin noted that tablets and the high-end iPhones have high revenue and high margins in Q4 of this year.

Apple has had a healthy history when it comes to stock performance. Aside from just the increase of value, the company also protects its own share price by having consistent buybacks and increasing dividends.

Apple wasn’t the only company that performed well during the red market as Tesla shares were also up by 2.55%.

By Urian B., Tech Times

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