Bad Day/Good Day/Same Day for Apple Shares
Early: Apple Shares Lose Altitude After iPhone SE Story
29 MARCH 2022 - In the wake of Nikkei’s iPhone SE report, Apple shares did something predictable, then something unpredictable. Predictably, the shares went down. Barron’s (via Apple News) ran a piece Monday morning noting the Nikkei notice, followed by the fall of shares of Apple and some of its component suppliers. The report said that shares of Apple, Qorvo, Broadcom, Qualcomm, and Skyworks Solutions were all down. And they were. In the morning.
Qorvo fell 2.2%, though they recovered a bit, ending the day down one-and-a-half-percent to close at $128.86. Broadcom declined 0.1%, though it ended up gaining half a percentage point on the day, closing a few cents shy of $633. Qualcomm fell 0.6%, though it ended the day up a third of a percentage point, closing at $158.45. Skyworks dropped 0.8% though it recovered an itty-bitty bit of that, ending the day just above $137.
And - oh yeah, the whole reason we’re here - Barron’s said Apple shares were “falling 5% on Monday to $171.36. The stock has risen for nine straight sessions.” And now, you can make that ten. Not only did it claw back the 5%, it picked up close to another percentage point - ending the day at $175.60.
Late: Apple Shares Surprise with Historic Rise
By definition, any trading session is history. Monday’s was historic for Apple in the way we tend to mean it colloquially, though. A piece from MarketWatch sailed in under the headline, “Apple stock just accomplished something for the first time in more than a decade.” That had the subheading:
Shares increase for the 10th consecutive session for the first time since 2010, shrugging off report of iPhone SE production cuts to end in the black
October 2010 was the last time that happened, according to the report. A chart I found from the Wall Street Journal showed that happening a very few times and only beating the ten-day streak once. Apple’s longest string of up days was a 12-day streak that ended in May of 2003.
