Apple (AAPL) was a bright spot amid disappointing earnings reports from big tech companies, beating estimates on the top and bottom lines. Revenue was up 8% year over year, while profits rose slightly.
Shares initially popped following the announcement, but the stock has sold off more than 10% this week, weighed down by news about its largest iPhone assembly plant being closed due to China’s COVID-19 lockdowns. There have also been reports recently that the tech giant is freezing hiring.
Apple is suffering from the same macro headwinds that all major tech companies are, but I remain a long-term bull on the stock. We will sell another call soon to reduce our cost basis on the position.
Current Stock Price: $134.70
Cost Basis: $155.39
Action: Watch the AAPL Nov Week One (11/4) 145 Call expire worthless