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Home Markets Equities Stock Market
U.S stock futures trade flat, Apple regains $2 trillion market value, Apple iPhone 11, Tax battle: Apple challenges $14 billion court case , Apple to pay $500 million settlement in lawsuit over slow iPhones, Apple supplier Foxconn to reopen manufacturing base in China, Apple donates 10 million face masks to healthcare workers, App developers can now challenge Apple store guidelines 

Apple's CEO, Tim Cook

Apple drops 2%, iphone 12 not exciting

Olumide Adesina by Olumide Adesina
3 years ago
in Stock Market
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American technology juggernaut Apple, makers of the popular iPhone brand, failed to impress global investors, as its share value lost more than 2%. The price plunge is coming on sentiments that there was little or no exclusive feature seen on the new iPhone model.

Another strong fundamental weighing heavily on the prized tech stock is the COVID-19 pandemic. Recently, Apple has seen its stores disrupted negatively, as lockdown modes due to the COVID-19 pandemic and consequent decline in the mobility of people, begin to take toll on major economies. Although, as much as Apple is a technology company, it is not known for selling its products online; rather, it is popular for its in-store experience.

READ: S&P 500 futures suffer longest run of losses since February

READ: Apple records $44 billion loss in market value amidst US trade war with China

The latest model iPhone 12 with a 6.1-inch display, will be available for USD 799, while a ‘Mini’ version with a 5.4-inch screen will be slightly cheaper at USD 699. A ‘Pro’ version with three cameras and a new 3-D ‘lidar’ sensor starts at USD 999, with the largest ‘Pro Max’ starting at USD 1,099 and going up to USD 1,399.

In addition, Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, spoke on the prevailing macros affecting U.S tech stocks including Apple. He said:

“Overnight, US stocks lost ground with halted COVID-19 vaccine trials and an elusive US stimulus agreement weighing on sentiment, as third-quarter earnings season got underway.

READ: Apple and Tesla shares skyrocket after stock splits

READ: Thrive Agric: Measures in place to repay affected subscribers – Ventures Platform

“Hopes for the passage of a new coronavirus relief package faded, as the US Speaker, Nancy Pelosi rejected the US$1.8 trillion coronavirus relief proposal from the White House, saying it ‘falls significantly short of what this pandemic and deep recession demands.’

“Meanwhile, after unveiling its flagship gadget’s latest invention – iPhone 12 with 5G connectivity – Apple Inc. shares fell”

READ: Thrive Agric drama: What it means for Nigerian investment startups

READ: BTC scammer steals 1,400 BTCs worth $16 million

Bottomline

Global investors are riding on the bias that the iPhone 12 basically has the features most new smartphones should have; howbeit, were not excited about the drop in its share value.


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Tags: AppleBusiness NewsChief Global Market StrategistiPhone 12Nancy PelosiStephen Innes
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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