Three Apple Stories You Might have Missed This Weekend (AAPL)
Apple (NASDAQ: AAPL) made news this weekend that you might have missed. Here are three headlines to know about going into Monday’s trading session.
The iPhone 5C
A photo that appeared on a WeiPhone Forum shows a bin full of plastic retail boxes that say, “iPhone 5C.” Speculation over the meaning of the “C” began as soon as the image was released but most Apple watchers agree that it would have to be the retail packaging for the rumored budget iPhone set for release in the next couple of months.
9to5Mac threw around a few ideas for the “C” over the weekend. Among them, “color”, “plastiC”, or polyCarbonate.” There was also, “China”, “Cheap”, or “Consumer.”
Apple fanatics waiting for a glimpse of its new product launches have been duped with a lot of doctored images lately but if this turns out to be real, iLounge.com can say, “we told you so.” The website had previously predicted that the budget iPhone would be named the iPhone 5C.
Apple under Fire for Poor Working Conditions…again
The New York-based China Labor Watch issued a 60-page report that accuses Apple supplier, Pegatron of labor abuses in China.
Pegatron, the company rumored to be manufacturing the budget iPhone, was cited for failing to pay or unfairly deducting wages, making overtime work mandatory, insufficient training, and falsifying documents.
The group sent undercover investigators to work in the factories and interview at least 200 people. Apple said in a statement, “[China Labor Watch’s] latest report contains claims that are new to us and we will investigate them immediately. Our audit teams will return to Pegatron, RiTeng and AVY for special inspections this week. If our audits find that workers have been underpaid or denied compensation for any time they've worked, we will require that Pegatron reimburse them in full.”
Judging by the amount of traders who posted blogs and tweets about their bullish Apple stance based on last week’s earnings move, there seems to be renewed optimism that the stock may catch a bid this week. After its earnings announcement, the stock saw a huge move. In the days following, traders believed the stock may fill the earnings gap but it help its ground.
It’s well below its 50 day moving average and above the descending trend line from May. Going into the week, the chart paints a picture of a stock that could move higher.
Disclosure: At the time of this writing, Tim Parker was long Apple.
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