Apple is Under Pressure

Apple is Under Pressure

Happy Monday, dear traders! Hope you had a great weekend and you’re ready for the last trading week in 2022! Later this week we’ll announce some exciting news for you, but now let’s look through some interesting news! 

Today’s events:

USA, UK, Hong Kong, Canada, Switzerland, Australia: Markets are closed due to Christmas holidays.

Apple may lose record-high revenue

COVID destroying Western tech companies is nothing new. Apple experienced production delays as early as February 2020, before the virus spread westward, and production issues have since emerged, but the situation on the ground is unprecedented now.

Many big tech companies operate in mainland China, but Apple, thanks to its relationship with Foxconn, the biggest manufacturing factory, is perhaps the best known. At Foxconn's Zhengzhou iPhone plant, the first significant signs of protest against COVID zero began.

Analysts agree that the company's revenue this quarter will fall just below the record $123.9 billion hit in the same period last year, while net income is forecast to fall more than 8%. This will break a 14-quarter earnings streak as Apple faces a shortage of 5 million to 15 million iPhones.

The Apple stock price is now on a downtrend, moving between two trendlines. Most likely, the price can bounce from the support trendline and return to the resistance level. However, if any significant news occurs, the price might drop lower to 120.

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Other key news:

  • The richest crypto billionaires in the world have lost $116 billion since March. Of the 17 richest, 15 lost more than half of their fortune, and it was reset to zero for three.
  • Russia may have to limit the volume of oil production, but it will be a matter of principle not to supply oil at prices set by the Western countries, Russian Finance Minister Siluanov said.
  • A snowstorm that hit the United States led to a record decline in natural gas production. At the same time, the level of gas consumption in the United States has risen to the highest since the beginning of 2019.
  • Turkish President Erdogan intends to tell the Turkish people "interesting news" on gas. Erdogan will discuss with the Cabinet of Ministers the mechanisms for implementing the "gas hub" project proposed by Putin.
  • BofA claimed ECB monetary tightening usually supports the euro. Still, the EUR could weaken if peripheral countries such as Italy, Greece, etc. come under pressure due to more aggressive ECB policies. 
  • South Korea took off warplanes and attack helicopters and fired warning shots on Monday after North Korean drones violated its airspace, the South Korean military said.

Stay tuned with us, and keep trading with FBS!

 

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