02.06.2020 Apple Daily Analysis

02.06.2020 Apple Daily Analysis

Apple today is trading at $321.85, it is trading higher with $3.91 mainly because Apple has cut the prices of its latest iPhones in China ahead of a major online shopping festival called 6.18,as it looks to continue the momentum it has seen following the gradual resumption of the world's second-largest economy after the coronavirus lockdown. The iPhone 11, iPhone 11 Pro, iPhone 11 Pro Max, and iPhone SE have discounts on Apple's official store on Alibaba-owned Tmall. A recent CNBC analysis showed Apple saw a strong bounce in China in April as the economy restarted. In China, Apple sells its products via various channels. On Alibaba-owned e-commerce site Tmall, Apple has an official store. JD.com is an official reseller of Apple products, though the U.S. company works closely with the online shopping giant on pricing. However, Apple's own official Chinese website does not show these price reductions. A JD.com spokesperson said that the company is doing discounts every day during the so-called 6.18 shopping festival but the discount structure may vary day-by-day.  This is good for Apple shares as a JD spokesperson said that the transaction volume of Apple products in the first hour of sales on June 1 reached three times that of the same period last year but did not give a specific figure, hence the reason why Apple shares are trading higher today.