Nothing reassures nervous investors like a schedule.
From Ben Winck’s “Apple adds $18 billion in market value after its Chinese factories accelerate post-coronavirus re-openings” posted on Business Insider Wednesday:
- Apple gained as much as $18 billion in market value on Wednesday following a report that its Foxconn iPhone plants will speed up their return to normal production.
- The Chinese factories were closed for weeks due to a coronavirus-related shutdown, but Foxconn now expects to reach 50% output by the end of February, Reuters reported.
- The manufacturer, which produces Apple’s iPhones and Airpods among other products, also hopes to resume 80% of all China production in March, according to Reuters.
- Apple lost as much as $27 billion in market cap on Monday after a previous Reuters report noted two factories were authorized to reopen but only had 10% of their employees available.
My take: Apple is Reuters’ bitch this week.