Apple stock moved higher after a key supplier said it was resuming some operations at two facilities in Shenzhen amid COVID-19 lockdowns.
Foxconn, also known as Hon Hai Precision Industry, brought back partial operations after halting them on Monday in response to government shutdowns amid rising coronavirus cases, Bloomberg reported.
The company said it received approval from authorities for a “closed loop” process, according to Bloomberg.
Apple stock was up 1.4%, at $157.46, in recent trading—though the stock traded as high as $158.64 before the Federal Reserve said it would raise interest rates. Shares didn’t fall far earlier this week amid the shutdowns. Wall Street expected Foxconn to shift production and for the lockdowns to be temporary.
MacDailyNews Take: Currently Apple is trading up $3.04 (+1.96%) at $158.13 – a tidy little profit if you got in around $150 on Monday.
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