Why Investors Love Apple Stock Today
What happened
Shares of tech giant Apple $Apple(AAPL.US$ (NASDAQ:AAPL) got an unexpected bump in stock price Thursday after Bloomberg reported that the company is "pushing to accelerate development of its electric car" and "refocusing the project around full self-driving capabilities."
Shares of tech giant Apple $Apple(AAPL.US$ (NASDAQ:AAPL) got an unexpected bump in stock price Thursday after Bloomberg reported that the company is "pushing to accelerate development of its electric car" and "refocusing the project around full self-driving capabilities."
By 1:30 p.m. ET, Apple stock had already gained a solid 2.5%.
Now what
The import of Bloomberg's report actually extends beyond Apple. As the news agency points out, "building an actual car ... will require partnerships." The company is "looking to hire engineers to test and develop safety functions" and has poached multiple key employees from companies such as Tesla, Volvo, Daimler, and GM. When it comes to production, "the company has discussed deals with multiple manufacturers and has considered potentially building the vehicle in the U.S." $Apple(AAPL.US$
The import of Bloomberg's report actually extends beyond Apple. As the news agency points out, "building an actual car ... will require partnerships." The company is "looking to hire engineers to test and develop safety functions" and has poached multiple key employees from companies such as Tesla, Volvo, Daimler, and GM. When it comes to production, "the company has discussed deals with multiple manufacturers and has considered potentially building the vehicle in the U.S." $Apple(AAPL.US$
Article excerpted from The Motley Fool.
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