Apple (NASDAQ: AAPL) stock rose 1.9% at close on Monday, recovering from the sharp drop it experienced on Friday when President Trump commanded US businesses to seek an “alternative to China.” The White House indicated that it might reopen trade negotiations with China amid an escalating trade war, lifting tech stocks back up from last week’s drop.
However, some analysts believe that Apple could be one of the companies that could weather the storm of a trade war better than most companies. J.P. Morgan analyst Samik Chatterjee told investors, “While the tariffs and trade standoff contributing to a softer macro backdrop are a source of earnings risk for Apple, we see certain silver linings relative to timing that might allow Apple to navigate the challenging dynamic better than investors currently expect.”
Meanwhile, other tech stocks also rebounded on Monday. Intel (NASDAQ: INTC) rose 1.33%, while rival chip makers Advanced Micro Devices (NASDAQ: AMD) and Nvidia (NASDAQ: NVDA) jumped 2.51% and 1.85%, respectively.
Microsoft (NASDAQ: MSFT) gained 1.54%, Sony (NYSE: SNE) rallied 3.12%, and Nintendo (OTCMKTS: NTDOY) rose 0.76%.
Video game publisher Electronic Arts (NASDAQ: EA) also saw a 1.58% lift on Monday. Activision Blizzard (NASDAQ: ATVI) shares grew 2.87% and Take-Two Interactive (NASDAQ: TTWO) rose by 1.3%.
Tim Cook gives nearly $5 million Apple shares to charity
Incidentally, Apple CEO Tim Cook donated 23,700 Apple shares to charity, according to an SEC filing published on Monday. With a price of around $206.49 per share at close, that’s about $4.89 million. The company did not disclose which charity received the donation, but Cook donated the same amount to an unknown charity last August.
Cook, who said that he plans to give his entire fortune to charity, still retains 854,849 shares of Apple.
It’s devastating to see the fires and destruction ravaging the Amazon rainforest, one of the world’s most important ecosystems. Apple will be donating to help preserve its biodiversity and restore the Amazon’s indispensable forest across Latin America.
— Tim Cook (@tim_cook) August 26, 2019
Separately, Cook said that he plans to donate money to fight the fires raging in the Amazon rainforests, which threaten the global environment.