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Apple Stock Shrugs off Store Closures in Bid for $3 Trillion Tag -Breaking

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© Reuters

By Dhirendra Tripathi

Investing.com – Apple (NASDAQ:) stock traded 0.4% higher in Tuesday’s premarket as traders ignored the company’s recent store closures in the wake of a rampaging omicron Covid-19 variant.

Bloomberg reports that the iPhone maker has shut down at least 16 New York City stores, including major locations Fifth Avenue, SoHo and Grand Central, due to rising Covid-19 rates. Customers in New York will be able to order online and have them picked up in the store, which represents a minor departure.

Already, the company had temporarily closed its Carnegie Library in Washington as well as other outlets in Ohio and Texas. Earlier this month, CEO Tim Cook sent a memo to staff informing them of the company delaying its corporate return-to-office deadline from February 1 to a “date yet to be determined.”

New York Times reports that the average number of daily new cases in the United States for the seventh day jumped 83% over the previous 14 days. Omicron has been the predominant strain of the virus and is spreading twice as quickly as delta.

The market has been anticipating Apple’s climb to $182.86, a price that will give what is already the world’s highest valued publicly traded company a market cap of $3 trillion.  

Stock closed at $180.33, 2.3% more than Monday. On December 13, the stock reached a record high of $182.13, bringing it to a total market capitalization of $2.98 trillion. The company has been the first billion-dollar business in the world for four years.

The stock was recently upgraded by several brokerages. BofA analyst Wamsi Mohan and JPMorgan’s Samik Chatterjee see the stock at $210. Evercore’s Amit Daryanani has a target of $200 for the shares.

 

 

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