It has been a rough ride for Apple, to say the least.

The stock has been exchanging punches with the market lately. After a sharp decline in the first half of September, shares finally rebounded for a moment. Over the past week, Apple started to head higher still through Wednesday, but shares lost steam as the five-day period came to an end. Friday was a particularly bad day for the stock – see chart below.

Headwinds and tailwinds

To be fair, there have not been too many company-specific developments to justify Apple’s price behavior this past week. In my view, much of the ups and downs has been driven by (1) valuation correction and rebounding and (2) macro-level topics, including the US Presidential election and the fiscal stimulus negotiations.

Some “noise” may have come from the legal battle with Epic Games, which is now expected to last a solid year or more. Also, the European Union has shown its will to fight Apple over a previous tax decision that favored the Cupertino company. Yet, none of these negative developments were enough to drag Apple’s shares into negative territory for the week.

I expect Apple to return to the limelight in the next few weeks. First, the iPhone 12 is likely to be announced soon, maybe within a week or two. Second, earnings season is upon us, and the Cupertino company should share its results on October 29. Between now and then, expect plenty of Wall Street commentary that could reignite the bull vs. bear discussions.

Below is a chart that compares the performance of Apple stock against the S&P 500 and the industry. Apple’s dashboard still looks good over time, although not so much from a one-month perspective.

Explore more data and graphs

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