Yahoo Finance’s Ines Ferre discusses Apple’s stock decline after it will require masks again with visitor restrictions, Adobe’s stock decline, and AMC and GME’s rise after meme stocks fell.
KARINA MITCHELL: And here with more on the three big tickers that are also helping move markets is our Yahoo Finance’s Ines Ferré. And Ines, Apple– so close to that $3 trillion mark before retreating off of it, but now saying it will require masks again and limit visitors at some of its stores.
INES FERRÉ: Yeah, that’s right, Karina. And Apple had eased some of its restrictions at its stores throughout the pandemic, but now, putting those restrictions back on so visitors will have to wear masks– employees, of course, also wearing masks inside the stores, and also restricting occupancy in some of its stores. And this is also depending on each area, and Apple came to this conclusion– to this decision– because of guidelines in local areas, in states like California, like New York, where you saw mandates for masks. And also, just looking at the data trends and looking at where the COVID cases are. Now, this comes at an important time, of course, because we are in the middle of the holiday season, and this is expected to be a record year for Apple as far as sales are concerned. And it also puts into question what Apple will be doing with its employees and its plans for employees going back to the office in 2022.
ALEXIS CHRISTOFOROUS: Sorry about that. I want to shine a light on some of the software stocks today because, as a group, they’re selling off. I know that an analyst at J.P. Morgan has downgraded a bunch of them, including Adobe. Tell us why.
INES FERRÉ: Yeah, that’s right. J.P. Morgan’s software analyst Sterling Auty reassessing some of the software stocks, and you can take a look at our chart of the software stocks– really under pressure today. Adobe, one of the biggest decliners, down more than 8.5%, and the downgrade was to neutral from overweight. Basically, talking about limited upside to the price target– also, the valuation of these software stocks if interest rates are raised in 2022. He had some other cuts as far as Cloudflare is concerned and Zscaler is…