Apple Inc AAPL stock closed higher by 3.1% on November 30 as other stocks plunged on concerns of the new omicron Covid variant, CNBC reports. Other large-cap tech stocks like Alphabet Inc’s GOOG GOOGL Google, Amazon.com Inc AMZN, Meta Platforms Inc FB (formerly Facebook), and Microsoft Corp MSFT closed lower for the day amid a broader market selloff.
- Needham analyst Laura Martin said investors turned to Apple due to its prodigious cash flow capable of weathering the storm, not going bankrupt, not having financial distress.
- Apple is positioned to introduce new products to further power growth, including a headset, Martin said.
- Martin said there are indications that Apple’s current products, especially its iPhone Pro models, are selling well, potentially leading to a big December quarter for the company.
- Tablets, especially the high-end iPhones, all of which say they’re going to have high margins and high revenue for the fourth quarter of this year, Martin added.
- The Dow Jones Industrial Average dropped 651 points, the Nasdaq composite fell 1.6%, and the S&P 500 was down about 1.9% on November 30, after Fed said it would discuss speeding up the bond-buying taper at its December meeting.
- Related Content: Bernstein Sees 13% Downside In Apple - Read Why
- Price Action: AAPL shares traded higher by 1.77% at $168.22 in the premarket session on the last check Wednesday.
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