Through an email from Tim Cook, Apple saved $ 70 billion on the stock market – Le Figaro

The CEO of Apple wrote to a journalist reassuringly on sales of his group in China. The effect was immediate.

These six sentences worth $ 85 billion. In an email Monday at an economic journalist, the CEO of Apple, Tim Cook, cut short to fears about the state of its group sales in China. The effect was as immediate as spectacular. After a sharp fall in early trading, Apple stock was recovering strongly in the afternoon and even helping the New York indexes to move closer to balance.

Leaded by fears over the health of the Chinese economy, and full wave of panic on global stock markets, Apple’s stock had plunged to 13% in early Monday morning, largely from below the symbolic 100 dollars, with a session low at 92 dollars. Two hours later, after the reassuring words of Tim Cook, he resumed widely, rising 2.2% to 108 dollars to 18 hours. 85 billion value found for Apple. The action eventually finished down 1.7% to close to 104 dollars, a final gap of $ 70 billion

In this email sent to the founder of financial website The Street, Tim Cook said to be daily informed of the evolution of sales in China “including this morning, and I can tell you that we have continued to see strong growth for our business in China in July and August,” he particularly said, referring to performance in the quarter to date “reassuring”. The results of the Apple Store in China would be even higher since the beginning of the year.

China has become a strategic for Apple. This is its second largest market, which now weighs more than the whole of Europe ($ 13 billion in sales between April and June). Tim Cook says it “continues to believe that China offers unparalleled opportunities for the long term”, thanks to the emergence of a middle class in the coming years, and the development of technical infrastructure, which leads consumers to be equipped with 4G devices, like the iPhone.

The rise of Apple in any case helped limit the decline in the index Dow Jones starring 0.73%, while Nasdaq, which is listed on the group, yielded 0.37%, the S & amp; P 500 posting meanwhile a decline of 0.93%. The way Apple weighs about 3.5% of the S & amp; P 500, nearly 15% and the Nasdaq 4.3% of Dow Jones. The Californian group has not regained all its colors, however. Its stock has lost more than 20% from its peak reached in February.

[Article updated with the closing values]

(with AFP)