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With Europe being a major user of Apple’s products, such accusations put AAPL stocks in jeopardy.
Apple Inc (NASDAQ: AAPL) stock risks nose-diving if a case filed by a privacy activist in Europe over iPhone tracking goes through. AAPL stock has been among the winning stocks in 2020 especially at the height of the initial coronavirus pandemic. According to data provided by MarketWatch, AAPL stocks are up 62.45% year to date. Meanwhile, AAPL stocks are trading around $119.60, 0.29% up in Monday’s premarket having closed Friday at $119.26. As a giant tech company especially during the pandemic, Apple has significantly benefited from increased customers as more people migrate to remote and home working conditions.
The company has recently launched a series of new products to compete with other global tech companies including Samsung and Huawei. Among the latest products includes the iPhone 12 series that supports 5G network and also a new line of MacBook that uses Apple chips away from Intel-based chips.
As a result, Apple stocks stand a high chance of rallying in the coming quarters. However, market uncertainty leaves AAPL stocks subjected to high volatility both to the upward and downward. Apple has a market valuation of approximately $2.03 trillion with 17 billion outstanding shares in the market. In the last 52 weeks, AAPL stock ranged between $55.15 and $137.98.
Notably, AAPL stock received an average of Over rating from 38 market ratings. With Apple’s huge market presence, it stands to not only be criticized but also be scrutinized by different governments on market monopoly. How the company responds to these issues will remain a significant factor in the future growth of AAPL stock.
EU Apple Case: iPhone Tracking
Apparently, the same activist against Facebook Inc (NASDAQ: FB) data protection is on Apple against its ad tracking through the iPhone. The group identified as NOYB filed complaints with the Spanish and Berlin data protection authorities as reported by media outlet Bloomberg.
“With our complaints, we want to enforce a simple principle: trackers are illegal, unless a user freely consents,” NOYB lawyer Stefano said in the statement. “Smartphones are the most intimate device for most people and they must be tracker-free by default.”
NOYB accuses Apple for use of a tracking code that is automatically generated on every iPhone when it is set up, the so-called Identifier for Advertisers (IDFA).
As a result, Apple allows third parties to keep track of personal online data. “Apple places codes that are comparable to a cookie in its phones without any consent by the user. This is a clear breach of European Union privacy laws,” Stefano notes.
With Europe being a major consumer for Apple’s products, such accusations put AAPL stocks in jeopardy.