Apple (NASDAQ: AAPL) stock price plunged sharply over the past two days amid renewed worries related to coronavirus spread all over the world. The stock retreats from $300 level as investors weigh up the financial loss for the first quarter due to the spread of the virus in China.
Bulls are claiming that coronavirus impact is temporary and its supply chain is well set to hit full capacity in April. The full capacity return in April would reduce the threat of delay in the release of the 5G iPhone models.
Buffet Calls it the Best Business he Knows
Apple is Berkshire Hathaway’s third-largest business after its insurance and railroad holdings, the investments firm’s chairman Warren Buffett told CNBC. “I don’t think of Apple as a stock. I think of it as our third business,” Buffett said on Squawk Box.
Berkshire Hathaway has trimmed its stake in Apple from 248m to 245m shares in the fourth quarter. The fund managers say the sale is only due to the strategy of freeing the cash flow for new opportunities. Berkshire holds 5.7 per cent of stake in Apple stock.
“It’s probably the best business I know in the world. And that is a bigger commitment that we have in any business except insurance and the railroad,” Buffett said.
Apple Warns on March Quarter Guidance
Apple said earlier this month it is unlikely to reach its previous financial guidance for the March quarter only due to coronavirus impact. The world’s largest tech company says its demand and supply impacted considerably due to problems in China. The previous revenue forecast for the second quarter was around $63bn.
“Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated. As a result, we do not expect to meet the revenue guidance we provided for the March quarter due to two main factors,” Apple chief executive Tim Cook said.
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