Apple Spikes 9.3%, Its Best Single Day Performance Since the Financial Crisis, and the Media is Actually Trying to Say that it’s Due to a Ratings Upgrade From Oppenheimer

March 2, 2020

In the chart image below, you can see that today’s price action was the third widest in terms of range over a period of 5 years.

–August.24th, 2015–

China financial meltdown

Reuters daily breakdown

–January.3rd, 2019–
(Business Insider) “Apple shares were under pressure Thursday morning, down more than 9% to less than $143 a share, after CEO Tim Cook sent a letter to shareholders warning that revenue for the crucial holiday quarter was going to come in below expectations”. Read more

Today, “Apple Stock Has Hit Bottom, Analyst Says. It’s Time to Buy”. Barrons “Why Apple Stock Popped Today
Oppenheimer upgraded the iPhone maker following last week’s coronavirus-driven sell-off”. Read more

(The Street)”The move came after Oppenheimer said investors should buy the dip, upgraded the stock to an outperform rating and assigned a $320 price target. From Friday’s low, Apple stock has already tacked on 14.5%.” Read more

As we’ve covered before, Oppenheimer is known for its dubious ratings upgrades. In May of 2019, they said OTLK — a thinly traded micro-cap with $200 000 in cash in its most recently filed quarterly — would go to $12.00 per share. It ended up going as low as 34 cents by the end of the year.

“Effective December 23, 2019, with consent of the required holders of the Outlook Therapeutics warrants issued in April 2019 (the “Warrants”) in an underwritten public offering, the Company amended the Warrants to reduce the exercise price to $0.232 per warrant and allow for the immediate exercise of the Warrants. In addition, the expiration date of the Warrants has been changed to 5:00 pm EST on December 24, 2019. All Warrants not exercised by the new termination date will be automatically settled on a cashless exercise basis immediately prior thereto. The transaction was done to eliminate the Warrants as they included anti-dilution protection, which negatively impacted the ability of Outlook Therapeutics to raise additional funds. H.C. Wainwright & Co. acted as the exclusive financial advisor for this transaction”.

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