By
Godfrey Benjamin
April 23rd, 2024
As most stocks turned red yesterday, Apple (AAPL) stock closed the day with a 4.80% loss. Meanwhile, the company revealed the lineup for its WWDC20 that will take place virtually from June 22 to 26.
On June 11, the stock market nosedived as U.S. coronavirus cases surged and raised the prospects of a new wave of coronavirus outbreak. Apple Inc (NASDAQ: AAPL) shares shed almost 5% to close the day at $335.90, however, in the after-hours, AAPL share value has added $4.83 to trade at around $340.73. In the pre-market, Apple (AAPL) stock continues to rise, now it is at $344.00 (+2.41%) as the company is preparing for its WWDC20.
Shareholders were caught up in a rush to liquidate their investments in different companies as about half a dozen states including Texas and Arizona struggles with the rising number of COVID-19 cases. However, a significant number of investors are bullish on Apple to deliver on most of the promises made.
Apple’s management has been able to keep the public updated on its internal involvement including its upcoming events. As a result, the $1,53 trillion company has seen its share value rise despite the shortcomings caused by coronavirus lockdowns that have disrupted most of its supply chain globally.
In terms of delivery, Apple shares have gained 74.28% in the past year, 14.39% YTD, 20% in the past three months, 9.16% in the past month and 1.33% in the last five days. The rise has been sustained despite the difficult economic times caused by both the coronavirus outbreak and the protests erupting in different American cities.
A similar situation was observed in large-cap companies like Alphabet Inc (NASDAQ: GOOGL) stock that dropped by 4.29% and HP Inc (NYSE: HPQ) stock price decreased by 7.28%. the last time such a case was observed was in March when the United States coronavirus cases started surging.
“The alarming thing would be if the numbers start to rise in places that have clearly already peaked and are on their downtrend,” said Jared Baeten, an epidemiologist at the University of Washington.
Apple Stock Bolstered by Upcoming WWDC20
Despite the sharp nosedive, Apple (AAPL) stocks are set to rise in the coming quarters as the company strives to update its devices to meet the market standard and compete with other mobile manufacturers.
Through an update on its Newsroom yesterday, the company revealed a lineup for its biggest-ever worldwide developer conference. “WWDC20 to include keynote address platforms State of the Union, 100+ engineering sessions, all-new developer forums, 1-on-1 labs with more than 1,000 Apple engineers and more,” the company wrote in a statement.
The event that is anticipated to take place virtually due to the COVID-19 lockdowns might raise high hopes in investors to continue holding on amid the coronavirus outbreak. It is expected the company will announce different updates on its software and also devices during the event.