Apple Stock Stays In Buy Zone After Coronavirus-Infected Quarterly Report
Consumer electronics leader Apple (AAPL) beat the oddsmakers with a better-than-expected March-quarter report thanks to strong demand for services and wearables and a "phenomenal" online sales period. Leading the negative news was a 6.7% year-over-year drop in iPhone revenue as the coronavirus pandemic hit production and consumer demand for smartphones. Plus, Apple didnt give sales and earnings guidance for the June quarter, due to uncertainty from the ongoing Covid-19 pandemic and a likely recession. JPMorgan analyst Samik Chatterjee called Apple stock a "top pick" in a note to clients Friday. Eric Ross, chief investment strategist for Cascend Securities, called the lack of guidance for the June quarter "unnerving.
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