On February 21, Apple (AAPL) stock was trading on a negative note after trading on a positive note in the last few trading sessions. The stock settled the session with 0.6% losses against a 0.4% drop in the S&P 500 Index (SPY). While the broader market weakness made the situation worse for Apple on Thursday, negative reports of Apple’s rising competition and challenges from recently launched Samsung Electronics’ (SSNLF) smartphone range hurt investor sentiment.
On Thursday, other companies such as IBM (IBM), Alphabet (GOOG), NVIDIA (NVDA), Qualcomm (QCOM), Amazon (AMZN), Facebook (FB), Netflix (NFLX), Advanced Micro Devices (AMD), Micron (MU), and AT&T (T) fell by 0.1%, 1.5%, 1.8%, 0.2%, 0.2%, 1.6%, 0.8%, 0.1%, 1.6%, and 0.1%, respectively. In contrast, HP (HPQ), Microsoft (MSFT), and Oracle (ORCL) rose by 0.1%, 2.1%, and 0.7%, respectively, yesterday.
American tech giant Apple has had a long-standing rivalry with South Korean peer Samsung. After Apple’s patent infringement accusations against Samsung in 2011, both the companies have been involved in a legal battle. However, the rivalry between the two companies is not only in the courts. It’s in the real world market as well.
Concerns about the big challenges Apple could face from Samsung’s recently unveiled phones have heated up. These phones include Samsung’s three variants of Galaxy S10 and more importantly its Galaxy Fold.
On Thursday, CNBC reported that Goldman Sachs analyst Rod Hall believes Samsung’s new Galaxy Fold offers “a compelling form factor that only Samsung’s foldable OLED technology can deliver.” The analyst indicated a potential threat to Apple iPhones from Samsung’s new devices.
Continue to the next part where we’ll discuss Apple’s recent patent applications related to foldable displays.