Why Apple Stock Jumped 1.5% On Tuesday While Markets Tumbled

Apple Inc AAPL shares jumped 1.5% on Tuesday after the Cupertino-based company said it would raise App Store prices in Europe.

"As early as October 5, 2022, prices of apps and in-app purchases (excluding auto-renewable subscriptions) on the App Store will increase in Chile, Egypt, Japan, Malaysia, Pakistan, Poland, South Korea, Sweden, Vietnam, and all territories that use the euro currency," Apple said in a blog post. 

In Vietnam, the price increase was due to new regulations relating to collecting tax from consumers. 

Related Link: Apple Feels Forex Pinch: Apps, In-App Purchases Set To Get Costlier In These Regions Next Month

Apple, which launched the new iPhone 14 earlier this month, has been focusing on its services business to help diversify its revenue streams. Apple's services business generated revenue of approximately $19.6 billion in the company's most recent quarter. 

Evercore ISI Group analyst Amit Daryanani also maintained Apple with an Outperform rating Tuesday and raised the price target to $190 from $185.

AAPL Price Action: Apple has a 52-week high of $182.94 and a 52-week low of $129.04.

The stock closed Tuesday up 1.57% at $156.90.

Photo: courtesy of Apple.