As the COVID-19 coronavirus outbreak continues to result in a rollercoaster stock market, Apple shares plunged to open at $255.94 this morning, down nearly $20 from a closing price of $275.43 on Wednesday.
The broader S&P 500 index dropped over seven percent shortly after the opening bell this morning, triggering an automatic suspension of trading for 15 minutes.
Due to the COVID-19 coronavirus outbreak, President Trump tonight announced sweeping new travel restrictions in a live address to the nation, instituting a 30-day travel ban from Europe to the United States of America. The new restrictions go into effect Friday at midnight.
MacDailyNews Take: As Apple shares plunge, we might get our “sub-$250” wish after all.
Again, as we just wrote, “While this is likely to get worse before it gets better, panicked selling will only lose you money, not make it. Of course, it’s nearly impossible to call a bottom, but getting in at a nice low price while “others are fearful” might look pretty good in your portfolio a few quarters out. Hopefully, Apple is executing beaucoup buybacks at discount prices during this period, just as others are calmly buying stocks during the coronavirus panic.”
We’re having a panic-induced deep discount sale on Apple just ahead of a multi-year 5G super cycle. It makes a lot of sense to consider buying Apple stock on the coronavirus pullback. — MacDailyNews, February 25, 2020
Be fearful when others are greedy. Be greedy when others are fearful. — Warren Buffett