Apple’s stock heads toward record after concessions for Netflix, Spotify, other ‘reader’ apps

Apple shares were poised to close at a record high Thursday after the most valuable U.S. company announced it will let developers of “reader” apps like Spotify, Netflix, and Kindle around the world link to an external website to set up or manage an account beginning in early 2022., while those app makers’ stocks also gained.

Apple Park in Cupertino, California
Apple Park in Cupertino, California

Wallace Witkowski for MarketWatch:

Apple shares rose as much as 1.5% in morning trading and were last up 0.7% at $153.50. A close at that level would surpass the stock’s current closing record of $153.12, which was set on Monday. The company’s market capitalization stands at more than $2.52 trillion.

Netflix shares rose more than 2% in Thursday morning trading, extending their best-ever two-week stretch of gains into record territory, while Spotify shares rallied 7%.

The change would not affect video games, which are believed to produce the largest share of App Store revenue… The Coalition for App Fairness, which is led by companies including Epic, Spotify and Match, criticized Apple’s concession Wednesday evening as a way “to protect [its] App Store monopoly by dividing developers into winners and losers.”

MacDailyNews Take: “The Coalition for App Fairness” is really the “The Group that Wants to Use Apple’s App Store for Free.”

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