Shares of Apple recovered in Monday afternoon trading after slumping badly along with the broader market as investors fretted about a weak economy in China.
The stock, which was at one point the worst performer of the Dow Jones Industrial Average, is now the best performer. It is up around 2%, even as the broader index is down more than 180 points. Two other tech firms – Microsoft and Intel – were the only other stocks trading in positive territory among the 30 shares that make up the DJIA.
Apple has depended on China for growth in recent years, so it made sense the shares would be hit by concerns that a weak economy there could result in fewer gadget sales. But the upward move could be because some investors sensed a buying opportunity. Apple’s shares are trading at around $108 apiece currently, the lowest level since January. The stock has lost around 20% of its value in the past month.
The recovery could also be attributed to a rare move by CEO Tim Cook to reassure investors. Cook sent an e-mail to CNBC’s Jim Cramer, telling the host that Apple’s growth remained “strong” through July and August with growth of iPhone activations accelerating in recent weeks.
See The 7 Most Important Tech CEOs You Wouldn't Recognize
Jack Ma, founder of Chinese Internet giant Alibaba, stepped down as that firm's CEO in 2013. But he's still the company's most public face, and after Alibaba's September IPO, China's single richest man.Scott Eells—Bloomberg/Getty ImagesLarry Ellison stunned the tech world in September by announcing he's stepping down as CEO of Oracle, the enterprise software company he co-founded in 1977. Since Oracle doesn't sell products to the public like Apple or Microsoft, Ellison's a little less-known outside Silicon Valley: But he's a hugely important figure, having heavily influenced Steve Jobs and a host of other tech leaders.Tomohiro Ohsumi—Bloomberg/Getty ImagesTony Hsieh, CEO of shoe-tailer Zappos.com, is a controversial figure in the world of tech chief officers. He's pouring money into Zappos' corporate home of Las Vegas, Nevada, which is welcome by some locals but spurned by others. Still, Zappos is known for being a very fun and very different place to work, thanks in part to Hsieh setting those qualities up as priorities for the company.Noah Berger—Bloomberg/Getty ImagesSatya Nadella just took over the reins at Microsoft earlier this year from now-Clippers owner Steve Ballmer, but he's already making his presence known through sizable layoffs and simultaneous acquisitions. Nadella's Microsoft has let go of nearly 15,000 employees this year — a chunk of whom were made redundant when Microsoft closed an approximately $7.2 billion deal for Nokia's device wing. Also on Microsoft's tab? $2.5 billion for the Swedish gaming company behind top-hit Minecraft.Microsoft/CorbisLinkedin CEO Jeff Weiner, formerly a longtime Yahoo employee, has grown the "Facebook For Professionals'" user base and revenue exponentially since coming becoming CEO in 2009. He's got quite the fan base, too: His workers, 100% of whom support him as CEO, according to Glassdoor.Robert Galbrath—Reuters/CorbisJohn Donahoe has been president and CEO of eBay since 2008. He's now guiding the company in a time of deep uncertainty: In early 2014, eBay settled a nasty public feud with activist investor Carl Icahn, who wants eBay to spin off payment service PayPal as an independent business — and Icahn isn't the only one who thinks that's a good idea.Paul Morris—Bloomberg/Getty ImagesDon Mattrick became CEO of Zynga, the social gaming company that brought us FarmVille, in 2013, coming over from Microsoft. He's been tasked with leading Zynga through a tumultuous period — the now publicly-traded company hasn't been able to replicate its FarmVille success, leaving many to wonder about the company's future.Michal Czerwonka—Getty Images
