Apple Stock Rebounded Monday to Record Biggest Single-Day Move in 11 Years

AAPL shares surged 9.3 percent on Monday as the U.S. stock market rebounded and Apple's rating was upgraded by an analyst who said the company was more prepared than its competitors to absorb the impact of the coronavirus outbreak (via Reuters).

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Oppenheimer raised its rating on Apple stock from "perform" to "outperform", arguing that the stock had become too cheap since its 16.5 percent drop on February 12 that hovered until Friday's close.

As Barrons notes, the rally meant Apple enjoyed its biggest single-day move in more than 11 years.

Apple played a significant role in Monday's historic rally. Shares of the iPhone maker soared 9.3%, the stock's largest one-day move in more than 11 years.

The $24.45 per share gain contributed 172 points to the Dow Jones Industrial Average's 1,296 point gain. Apple (ticker: AAPL) closed the day at $298.91, after trading as high as $301.44 during the day's session. The stock peaked at $327.20 on Feb. 12.

Apple's stock has yo-yoed amid the developing COVID-19 coronavirus outbreak, and last week saw major fluctuations within the span of hours.

The viral epidemic in China prompted many of Apple's suppliers to suspend production at their factories in February and Apple retail stores temporarily closed out of an abundance of caution.

Apple CEO Tim Cook last week said he felt "China is getting the coronavirus under control," and added that the number of reported infections in the region is "coming down day by day by day." Major iPhone assembler Foxconn today said it expects its Chinese plants to resume normal operation by the end of the month.

Apple's rally boosted the company's market value by $111 billion, while its market capitalization now stands at $1.3 trillion, although that's still shy of the company's all-time high of $328 set on January 29, 2020, which saw its market cap grow to over $1.4 trillion.

Tag: AAPL

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Top Rated Comments

I7guy Avatar
55 months ago
Hope everybody who was capable bought on the dip.
Score: 8 Votes (Like | Disagree)
smirking Avatar
55 months ago
It's a dead cat bounce.
Score: 7 Votes (Like | Disagree)
neuropsychguy Avatar
55 months ago

Hope everybody who was capable bought on the dip.
I did. A whole 2 shares so I'm ready to retire now!
Score: 5 Votes (Like | Disagree)
triton100 Avatar
55 months ago

No wonder China is getting the virus under control, the govt treats the Chinese people as livestock. Timmy of course couldn’t care less.
Do you write this comment about ‘Timmy’ on all the other tech forums for Samsung, Sony, dell etc etc etc or are the ‘evils’ of the Asian workplace solely the responsibility of ‘Timmy’ ?
Score: 4 Votes (Like | Disagree)
Rogifan Avatar
55 months ago

From $330 to $250 to $300, in like two weeks. Almost trades like a penny stock, scary. But then again, that’s nothing new.
Isn’t that a lot of stocks right now? The market is kind of crazy right now.
Score: 3 Votes (Like | Disagree)
DelayedGratificationGene Avatar
55 months ago
“Remember that virus thing from this past winter that scared the heck out of the markets?”...”ya what was that coney virus or something?”...”haha ya I can’t recall”...”wish I would have loaded up on Apple back then, (sigh)”, “ya me too (bigger sigh)”


I wonder how much of that Apple stock was bought back by Apple?
It was such a sharp v recovery tough for anyone to buy
Score: 3 Votes (Like | Disagree)