In Monday trading, Apple and other tech stocks swooned amid reports that the COVID-19 coronavirus outbreak threatens to turn into a pandemic. Apple stock fell as low as $289.23, but rebounded a bit to close at $298.18 is what some investors saw as a buying opportunity.
Wedbush Securities analyst Daniel Ives… [today] reiterated his outperform rating on Apple stock with a 12-month price target of $400.
[AAPL] dropped below its 50-day moving average line in a bearish sign. But Apple stock wasn’t alone in falling Monday. Coronavirus concerns tanked semiconductor stocks and other tech stocks as well as broader market averages.
The Dow Jones Industrial Average, Nasdaq composite and S&P 500 indexes dropped after a surge in coronavirus cases outside China stoked fears of a bigger impact to the global economy. The biggest outbreak outside of China has been in South Korea, another major tech manufacturing center.
IPhone chip suppliers dropped along with Apple stock. Broadcom (AVGO) slid 4.2%, Cirrus Logic (CRUS) fell 3.7% and Skyworks Solutions (SWKS) skidded 3%. Qualcomm (QCOM) sank 4.3% and Qorvo (QRVO) declined 1.9%.
MacDailyNews Take: Did anybody get in under $290 today?