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Apple supplier Foxconn, as well as 100 other companies in China, have been asked to operate inside a “closed loop” for seven days in Shenzhen, China as the city battles another outbreak of COVID-19. This means that employees will only have contact with others inside the same network, and little to no contact with people outside of it. The Chinese government has asked companies to limit unnecessary interaction between manufacturing staff and non-manufacturing staff to limit infection. This could potentially affect Apple’s market and earnings in the long term, as it may limit the company’s ability to produce products.
Since the news publish media exposure mostly are positive, on Monday, APPLE ($NASDAQ:AAPL) stock opened at $154.0 and closed at $153.0.
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The request was made by Apple in order to protect its supply chain, according to a report by Bloomberg.
However, the stock has recovered since then and is now trading at record highs. Despite the short-term stock price dip, the news is generally positive for Apple. The company is taking proactive steps to protect its supply chain, which is crucial for the company’s operations. In the long run, this should help to ensure that Apple can continue to produce its products and meet customer demand.