Apple of employing the classic ‘bait and switch’ strategy. Apple’s relationship with the sapphire supplier was uneasy from the start, because Apple Inc. (NASDAQ:AAPL) had put certain clauses in the contract, which forbade GT from dealing with other companies, especially Apple’s competitors.
The whole fiasco marred the public image of Apple, portraying the company as a market villain. Furthermore, GT technologies claimed that Apple also had the power to keep the company under contract without giving them any assignments if Apple didn’t need sapphire.
In other news, Apple’s iTunes boss sold 28 million in stock. It was also revealed that Apple Watch would be released in the market in spring 2015; the price could be as high as $5000; for the gold smartwatch. In a private survey it was revealed that majority of Apple iPhone users would buy directly from their devices using Apple Pay, meaning that Apple Pay would generate billions in the years to come.
A malicious malware was found in Apple devices in China called Wirelurker. Rumors are going around that Apple is accusing the Chinese Government to be involved in this attack. Apple further claimed that the malware only infects its Chinese users.
Apple started trading on Monday, November 3rd, at 108.22. By midday the share price went up to 110.30 but as the day progressed the price crept back to 108.1. At the closing of the day, Apple stood at 109.40.
On Tuesday, Apple opened the market at 109.36 and rose up to 109.49 by midday. Later on the stock dwindled a bit to 107.72. Apple stood at 108.60 at the conclusion of the day.
On Wednesday, Apple started trading at 109.10, ascending minutely to 109.30. Later in the day the stock fell to 108.12. At the closing of the day, Apple was riveted at 108.86.
Thursday, Apple Inc. kicked off the day trading at 108.60. Later on the stock improved a bit reaching 108.79. Minute losses brought it back down to 107.80. By closing of the day, Apple had recovered back to 108.70.
Friday, Apple started trading at 108.75; improvement came by midday, when the stock value went up to 109.32. It dropped a bit later to 108.55. At the closing of the week, Apple stood firm at 109.01.
Last week was quite happening for Apple. GT Technologies is proving to be a pain in the neck for the company; the controversy may pose a few problems for Apple when it comes to signing up with new vendors in the future. The company may have to revise a few clauses in its contracts and be a little more lenient towards its vendors; however the Apple Inc. (NASDAQ:AAPL) shouldn’t have to compromise on its mantra of keeping its ventures a secret and asking its vendors to do the same. With Apple Watch release and Apple Pay’s prospects the tech giant should expect a good quarter.
