Apple shares recover from white-knuckle plunge after CEO Cook emails Jim Cramer

“Apple shares helped lead the stock market on a steep dive Monday morning, but the tech giant recovered in dramatic fashion soon after CEO Tim Cook assured a popular Wall Street commentator that his company is still doing well in China,” Brandon Bailey reports for The Associated Press.

“‘I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August,’ Cook wrote in an email to CNBC’s Jim Cramer, who shared the message with his audience as Apple’s stock plummeted more than 13 percent Monday morning,” Bailey reports. “Apple and other U.S. tech stocks were rocked Monday by continued worries over China’s economy, following an early sell-off on Friday.”

“Others echoed Cook’s bullish outlook on Monday. In a note to investors, Daniel Ives of FBR Capital Markets said he was continuing to rate the company ‘outperform,’ citing the expected release of new iPhone models this fall and potential for more growth in China,” Bailey reports. “Those sentiments appeared to boost Apple’s stock back to nearly where it ended last week.”

Read more in the full article here.

MacDailyNews Take: Up and down and up we go, where we stop, nobody knows!

SEE ALSO:
Apple stages historic rally off $92 – August 24, 2015
Apple CEO Cook may have violated U.S. SEC rules with email to Jim Cramer – August 24, 2015
Apple, after big drop, leads recovery of Dow Jones Industrial Average – August 24, 2015
CEO Tim Cook to Jim Cramer: Apple is seeing strong growth in China through July, August – August 24, 2015
Apple crashes under $100 in pre-market trading as tech stocks set up for dismal day – August 24, 2015

3 Comments

  1. like I always said Apple should do more and better PR.

    When a companies PE is so low it means a problem of ‘perception’ (earnings are good but investors have worries and so the PE is low).

    I’ve also said PR is cheap. One email vs 130 billion in buybacks.

  2. Opinion – It is the traders, especially fractional traders who are making about 50% of the trades who are benefiting from the irrational volatility we are seeing in the markets.

    Many financial experts are frustrated by this irrational volatility that is not supported by thorough analysis of the fundamentals. Market manipulators are playing on the fear and emotion generated by incomplete or inaccurate “reports” to stir up volatility which is used by fractional traders to pump money out of the market.

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