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Apple stock
Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
Apple stock fell 2.51% to $319.97 on Friday after a report of production issues. Investors await Wednesday's product launch, the first under new CEO John Ternus.
Background
Apple stock has been outperforming the market, up about 18-21% year-to-date, as it becomes a hedge against AI trade volatility. However, a recent report of production issues caused a dip. The upcoming September 9 event, 'Surprise and Shine,' is expected to unveil the first foldable iPhone, a major design change, and is the first launch under new CEO John Ternus.
How it unfolded
- Sep 1, 2026John Ternus took over as CEO from Tim Cook after Cook's nearly 15-year run.
- Sep 2, 2026Apple stock rose 2.6% amid a tech selloff, with its 30-day correlation to Nasdaq-100 at -0.82, most inverse since 2005.
- Sep 3, 2026Top mutual funds bought $13.97 billion worth of Apple stock, according to a monthly report.
- Sep 4, 2026Apple shares fell as much as 3.2%, closing down 2.51% to $319.97, after a report of production issues with its latest product.
- Sep 7, 2026Analysts note the stock is not a clear buy ahead of the event, with a Zacks Rank #3 (Hold).
Who’s saying what
- Analysts
- Consensus rating is 'Moderate Buy' with an average target price of $328.70, implying limited upside.
- Bulls
- The foldable iPhone could be a genuine catalyst, and the stock is up 40% over the past year.
- Bears
- At 37.1 times forward earnings, the stock isn't a bargain, and production issues may hurt demand.
- Caution
- Zacks ranks the stock a 'Hold,' suggesting waiting for the product launch to see if it disappoints.
Still unverified
The report of production issues is based on a single source and has not been confirmed by Apple.