Apple Stock Dips as China Protests Hurt Production

Options traders have been bearish on AAPL of late

Digital Content Manager
Nov 28, 2022 at 11:28 AM
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Protests in China over its zero-Covid policy are weighing on Apple Inc (NASDAQ:AAPL) this morning. The tech company is expected to produce roughly 6 million fewer iPhone Pro units, per Bloomberg News, amid disruptions to Foxconn Technology's Zhengzhou plant. As a result, AAPL is down 2% to trade at $145.18 at last check.

The equity has been extremely volatile of late, with its latest rally coming just short of a close above the $156 mark, after the stock bounced off the $135 region. Meanwhile, the 180-day moving average has been mostly pressuring the shares since late August. Year-over-year, AAPL is off 17.8%. 

The options pits lean bearish on Apple stock. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day put/call volume ratio of 1.16 sits in the 99th percentile of its annual range. In other words, long puts have been getting picked up at a quicker-than-usual pace in the last 10 weeks.

It's also worth noting AAPL's Schaeffer's Volatility Scorecard (SVS) ranks 76 out of 100, meaning the equity has exceeded options traders' volatility expectations in the past year.

 

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