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Apple shares lose 12% after all stores close

Action Apple

The coronavirus pandemic is also affecting financial markets, with Apple shares falling more than 12% from the opening of Wall Street today.

Apple Action

After the company's various announcements, including the announcement that all Apple Stores outside of China would be closed until March 27, the action collapsed.

The store closings will lead to a decline in the number of customers, but purchases will also be affected by economic uncertainty and declining incomes for many around the world. In China, for example, iPhone sales fell 60% in February alone compared to the same period a year ago.

However, the fall in the stock market is mainly due to broader macro concerns, rather than something specific to Apple. The market is incredibly volatile as many investors fear that the effects of the coronavirus will trigger a period of global recession, with events canceled and many unemployed. It is not yet known how long it will last. If the situation improves in a few months, the negative consequences can be contained.

On this point, JP Morgan analysts believe that the coronavirus will have economic impacts on Apple in 2020, but no real impact from 2021. The situation should therefore stabilize completely by the end of the year, at least for Apple. In the short term, analyst Chatterjee expects 32 million iPhones to be sold in the March quarter, up from 39.5 million a year ago. The June quarter is expected to decline similarly with 32.5 million iPhones sold, compared to 40.7 million in the 2019 quarter.

Year over year, the decline should be a little more contained: 190 million iPhones sold during the year, against 203 million the previous year. Analysts say the impact will only be short term, even in terms of equity.