Apple Inc. stock closed higher by 3.1 percent on Nov. 30 as other stocks plunged on concerns of the new omicron Covid variant, CNBC reports.
Other large-cap tech stocks like Alphabet Inc.’s Google, Amazon.com Inc., Meta Platforms Inc. (formerly Facebook), and Microsoft Corp. 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 percent, and the S&P 500 was down about 1.9 percent on Nov. 30, after Fed said it would discuss speeding up the bond-buying taper at its December meeting.
AAPL shares traded higher by 1.77 percent at $168.22 in the premarket session on the last check Wednesday.
By Anusuya Lahiri
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