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Why Apple Stock Surged on Tuesday

TheMotleyFool

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Shares of Apple (NASDAQ: AAPL) jumped on Tuesday, adding as much as 4.2%. As of 11:19 a.m. ET, the stock is up 3.9%.

The catalyst that sent shares higher was reports that shipments of the iPhone may be on the upswing, which would represent some much-needed good news for the tech giant.

UBS analyst David Vogt estimates that shipments of iPhones in China have rebounded in May, increasing 16% from April levels, according to The Fly. This suggests that the COVID-19-related lockdowns and resulting supply chain problems may finally be abating.

Source Fool.com

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