Apple is closing 11 stores in Arizona, Florida, North Carolina, and South Carolina that it had reopened just a few weeks ago as coronavirus infection rates in some regions in the U.S. begin to rise.
The decision announced Friday is another sign that the pandemic might prevent the economy from bouncing back as quickly as some states have been hoping. Those concerns sent stocks on Wall Street lower Friday.
Arizona and Florida have both experienced rising incidents of new cases and rates of those testing positive for COVID-19.
There were 286.7 new cases of COVID-19 per 100,000 people in Arizona over the past two weeks, which ranks first in the country for new cases per capita. The rolling average number of daily new cases has increased by 1,024.1, or 143.1 percent.
Over the past two weeks, the rolling average number of daily new cases in Florida has increased by 1,422.7, or 144.4 percent., according to researchers at Johns Hopkins University tracking the virus.
"We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible," Apple said in a prepared statement.
The Carolinas have also experienced an uptick, based on the John Hopkins data.
There were 179.3 new cases per 100,000 people in South Carolina over the past two weeks, which ranks fourth in the country for new cases per capita. The rolling average number of daily new cases has increased by 495, or 213.0 percent.
In North Carolina, the rolling average number of daily new cases has increased by 36.8 percent or 329.7 people per 100,000.
Apple began reopening more than 30 stores scattered across the country last month after shutting down all of its U.S. brick-and-mortar locations in March. The Cupertino, California, company has continued to sell iPhones, including a new $399 model released during the lockdown, and other products in its online store.
Seven of the Apple stores that are closing again are in Arizona. Two stores are closing in both Florida and North Carolina. The other one is in South Carolina.
Although he doesn't expect the store closures to put a significant dent in Apple's sales, Wedbush Securities Daniel Ives said the move "is a worrisome trend that speaks to the volatility and fluidity of this COVID environment."
Like many of the biggest players in the technology industry, Apple has been faring far better than most companies as the U.S. economy has plunged into a recession that is widely expected to last through this year. Apple's stock price hit a record high of $356.56 in Friday's early trading before news of the store closures rattled investors.
The shares were down by about 1.5 percent in afternoon trading.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
