Apple’s stock price fell off a cliff this morning, trading below $100 a share for the first time all year. The best time to buy AAPL shares all year was at 9:30 a.m. today, when the stock opened at $94.87 — before Tim Cook intervened.
If you didn’t buy shares this morning, you’ve already missed your chance to snap up cheap Apple stock. The price trajectory has boomeranged back up, and may give AAPL its biggest one-day gain in months.
AAPL shares are currently trading up 1.85 percent at $107.72. The nearly 13-point gain in a matter of hours is mostly thanks to Cook’s email to Jim Cramer on Mad Money this morning. Cook reassured investors that despite China’s stock woes, the company is still seeing better-than-expected performance in the country.
People today: sell sell SELL SELLLLLL WOW woah buy? yes, buy wait, sell no, buy BUY BUYYYY
— Neil Cybart (@neilcybart) August 24, 2015
Cook’s decision to reach out to Mad Money was an unusual move from the Apple CEO, who usually stays quiet about his company’s performance except during earnings calls and keynotes. But with the Chinese market losing more than 8 percent of its value in a single day, tech companies like Apple that depend on China for growth could face some tough challenges.
Many investors are worried that China’s collapsing stock market will cause economies in the United States and Europe to nosedive, but Cook says the number of iPhone activations in China have actually gone up in the past two weeks. Apple’s also close to launching its next lineup of iPhones, which couldn’t come at a better time to help buoy the stock price.