Something Apple’s CEO said Thursday during a companywide virtual meeting triggered a $10 spike in overnight trading. Or was it that COVID-19 drug?
From Bloomberg’s “Apple CEO Talks Covid-19 Crisis, Return to Work Plan at Company-Wide Meeting“:
Apple Inc. Chief Executive Officer Tim Cook led a companywide virtual meeting on Thursday to address concerns about the impact of Covid-19 and discuss the iPhone maker’s plan to return to work.
During the meeting, Cook called the pandemic an “uncertain and stressful moment,” but expressed confidence that the company will emerge strongly from the crisis, as it did after the 2008 recession and following a near-bankruptcy in the late 1990s.
He said that Apple “isn’t immune to worldwide economic trends,” but that it entered the coronavirus pandemic with a robust balance sheet and stressed that the company will keep investing in a “really significant way” in research and development and future products, according to Apple employees who attended the meeting. A company spokesman declined to comment.
My take: Apple gave up most of those temporary gains in premarket trading Friday. Maybe Apple PR should release Cook’s remarks to the public.
UPDATE: LightShed Partner’s Walter Piecyk suggests that a report on Gilead’s experimental antiviral drug remdesivir might have been a bigger factor.