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Apple played a significant role in Monday's historic rally. Shares of the iPhone maker soared 9.3%, the stock's largest one-day move in more than 11 years.Apple's stock has yo-yoed amid the developing COVID-19 coronavirus outbreak, and last week saw major fluctuations within the span of hours.
The $24.45 per share gain contributed 172 points to the Dow Jones Industrial Average's 1,296 point gain. Apple (ticker: AAPL) closed the day at $298.91, after trading as high as $301.44 during the day's session. The stock peaked at $327.20 on Feb. 12.
"As of today, the production resumption has reached 50% of seasonal required capacity. Based on the current schedule, we shall be able to reach full seasonal capacity by the end of March," [Foxconn] said in a stock exchange filing. "There are still plenty of uncertainties which we cannot quantify around the potential impact on the full year."Apple was planning to begin mass production on the low-cost iPhone in February, but sources that spoke to Nikkei last month said that meeting that target was "very challenging" and production could be delayed until March.
Some Apple store employees said they started noticing reduced iPad Pro inventory in the last week. They asked not to be identified discussing private product information.Gurman's report leads by speculating that the supply constraints may be a possible sign of the coronavirus outbreak's impact on Apple's manufacturing supply chain, but he also concedes that the shortages could be due to new incoming iPad Pro models. Apple sometimes slows the flow of product units coming into its various sales channels as the next-generation models approach launch.