apple premarket green 2-2-23
2 months ago
Published November 29, 2022 by

Premarket: Apple is green

apple premarket green 11-29-22From Barron's "Apple, Disney, Rail Stocks, and More Market Movers" posted early Tuesday:

Stock futures were rising Tuesday as unrest in China over strict Covid-19 restrictions eased.

Here are stocks making moves Tuesday:

Apple (ticker: AAPL) rose 0.5% in premarket trading. The stock declined 2.6% in the previous session with the tech giant facing a potential iPhone production shortfall as protests continued to disrupt operations at the largest factory in China for major supplier Foxconn.

Apple could face at least a 5% hit to iPhone production this quarter and up to 10%, depending on production by Foxconn, according to estimates from analysts at Wedbush.

Walt Disney (ticker: DIS) rose 0.3% in premarket trading after Bob Iger told employees at his first company-wide town hall since retaking the reins of the entertainment giant that he would empower the company’s creative teams, chase profitability over adding streaming platform subscribers, and spend money where it would add value for the company.

Railroad stocks such as Union Pacific (UNP), CSX (CSX) and Norfolk Southern (NSC) were on watch Tuesday after President Joe Biden called on Congress to pass a law that would avert a rail shutdown.

Charts: Yahoo!Finance sees a bearish intermediate-term KST pattern. Max pain moves down $1 to $148 with a new call mountain at $155 (up $2.50) and the put peak back at $145 (up $12).

apple premarket green 11-29-22

5 Comments

  1. Robert Paul Leitao said:
    Despite reports of strong demand for Apple products on Cyber Monday and the popularity of ApplePay as a payment method this holiday season, Apple is lower in early Tuesday trading. The three major indexes are marginally in the red in the first hour of today’s session.

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    November 29, 2022
  2. Robert Paul Leitao said:
    At midday Apple is trading down nearly 2% on continuing concerns about iPhone supplies as we move into the holiday season. There’s late-breaking news the city of Zhengzhou, home to Apple supplier Foxconn’s major iPhone production facility, will be returning to less strict COVID controls on Wednesday.

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    November 29, 2022
  3. Robert Paul Leitao said:
    David Kostin, the chief equity strategist for Goldman Sachs, suggested yesterday the era of “exceptionalism” for technology stocks may be over. I’ve placed a link to the article in the Apple Share Price Performance channel of the Apple 3.0 Slack group for easy access by subscribers. It’s one knowledgeable person’s view at this time. The sector, in general, appears to be out of favor for now. Meanwhile, Apple is down today about 2.45% at $140.70 as we approach the final hour of trading.

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    November 29, 2022
    • Roger Schutte said:
      One could also argue American Exceptionalism is over, too.

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      November 29, 2022
  4. Robert Paul Leitao said:
    At the closing bell Apple finished the day’s trading at $141.17 down $3.05 or 2.11%. The DJIA ended the day essentially flat at 33,851.31, up 1.95 or 0.01% and the S&P 500 closed slightly lower at 3,957.51, down 0.16%. In recent days both Goldman Sachs and BofA have suggested, based on current forecasts, for the S&P 500 to end next year (2023) close to today’s level at about 4,000. Coverage of the forecasts of both firms are linked in the Apple Share Price Performance channel of the Apple 3.0 Slack group for convenient access by subscribers.

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    November 29, 2022

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