Investors apparently are regaining interest in Apple, just 16 days after its stock fell to a 52-week low.
On Jan. 2, Apple stock closed at $157.92, then the bottom fell out. Tim Cook shocked investors with a letter to shareholders, warning the high-tech juggernaut would fall notably short of its guidance. Subsequently, the stock fell to $142.
On Friday, Apple’s stock began climbing back, trading at $157.34 as of 12:53pm ET.
There’s no single piece of good news that has brought investors back. To the contrary, Apple suppliers cut their forecasts, warning of an “extraordinary” downward shift in demand in China. The company also has been accused of flouting EU privacy laws.
But Apple still has a polished name and a good track history, to which investors seem to be gravitating. Inexpensive battery swaps are also now over, which could push more people to upgrade this year. And whispers of services to come, such as a rumored streaming TV service, are fueling optimism.
Apple expects revenue in the last quarter of 2018 to come in at $84 billion. That’s 4.8% below the $88.3 billion revenue in the same quarter a year earlier.