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Apple Inc. (NASDAQ:AAPL) Plans to Pay Hundreds of Contract Workers Sent Home Due to Coronavirus

Apple Inc. (NASDAQ:AAPL) Plans to Pay Hundreds of Contract Workers Sent Home Due to Coronavirus

After initially being told that they would sent home without pay during the extended COVID-19 lockdown, Apple (NASDAQ: AAPL) said that it will continue to pay hundreds of hourly contract workers, including janitors, shuttle bus drivers, and other operations employees at the company’s massive campus. The move potentially could cover parking attendants, maintenance, and landscapers as well.

“We’re working with all of our suppliers to ensure hourly workers such as janitorial staff are being paid during this difficult time,” said Apple spokesperson Kristin Huguet in a statement. According to reports, that amounts to about 600 workers who were initially left in the dark about whether or not they would be paid during the downturn. Some had already begun filing for unemployment.

In mid-March, Apple announced that it was closing all its retail stores worldwide, with the exception of those that had just reopened in China. At the time, CEO Tim Cook said that hourly staff would continue to receive pay and company employees would become remote workers if their jobs permitted it, though the company was mum on many contract positions. 

Apple has a massive cash pile on its balance sheet, with $207 billion in cash and marketable securities and just $108 billion in debt, giving the company sufficient reserves to pay its workers.

The iPhone maker isn’t the only tech giant stepping up to the plate and paying its contract workers. In mid-March, social media titan Facebook (NASDAQ: FB) said it even though it was sending all its contractors home, it would continue paying them, even those that that were unable to work remotely. All of the major tech companies have committed to paying their hourly employees, but some contract workers have been left in the cold. 

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 284.08.

The projected upper bound is: 276.67.

The projected lower bound is: 202.13.

The projected closing price is: 239.40.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 8 falling windows in the last 50 candles–this makes the current falling window even more bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 48.9610. This is not an overbought or oversold reading. The last signal was a sell 1 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 41.98. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 22 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -43. This is not a topping or bottoming area. The last signal was a buy 6 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.

Rex Takasugi – TD Profile

APPLE INC closed down -13.380 at 240.910. Volume was 4% above average (neutral) and Bollinger Bands were 73% wider than normal.

Open     High      Low     Close     Volume___
246.500 248.720 239.130 240.910 44,054,640
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 244.70 289.37 250.59
Volatility: 90 88 50
Volume: 64,985,268 53,491,928 33,571,536

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

APPLE INC gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
APPLE INC is currently 3.9% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of AAPL.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on AAPL.O and have had this outlook for the last 29 periods.

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