Apple Inc. (NASDAQ:AAPL) has defied what analysts call the ‘death cross’ – which is often seen as a sure sell signal.
Despite coming close to the danger zone, bargain-hunting investors snapped up Apple’s shares, causing its stocks to rise by $6.57 today, or 1.22 percent, up to $545.36.
The sudden rise in value caused Apple Inc. (NASDAQ:AAPL) to narrowly avoid what is referred to as the ‘death cross’ – where a stocks 50-day moving average falls below the 200-day moving average. Such a sustained loss is often seen by technicians and charters as a bearish market.
The tech giant’s stock, which has been dragged through the dirt in the past few months, saw an all-time high in September, with stock value at $705.07. Since then, the company has lost around 23 percent of its value amid speculation that investors are selling their shares for profit due to a looming, and potentially disastrous, fiscal cliff.
Yesterday’s close of trading brought bad news for Apple Inc. (NASDAQ:AAPL), with stock down by 6.4 percent to $538.79.
But shares rallying today, receiving a slight boost this afternoon, as Apple’s CEO Tim Cook, in an interview released today, revealed that the manufacturing of one of their line of Mac computers will be shifted back to the US from Asia during 2013. The company halted US manufacturing of Apple products back in the late 90’s, but has decided to invest over $100 million in order to bring manufacturing back to the US.
On the company’s responsibility to create domestic jobs, Cook said: “I think we do have a responsibility to create jobs. I think we have a responsibility to give back to the communities, to pick ways that we can do that … and not just in the U.S., but abroad as well.”
Other elements at play that may be affecting investor decisions on Apple Inc. (NASDAQ:AAPL) stock include the company’s on-going court battle with Samsung Electronics Co., Ltd. (LON:BC94). Apple is due back in court on Thursday as Samsung is seeking a retrial and a reduction of the $1.05 billion in damages awarded to Apple. Conversely, Apple will seek increased damages, as well as injunctions to ban Samsung products.