Apple shares fall for a second straight session on Friday, clients will not be able to buy cryptocurrencies with Apple Card

Users will not be able to buy cryptocurrencies with Apple Inc’s credit card being launched with Goldman Sachs Group Inc, a customer agreement posted on the bank’s website revealed on Friday.

The Apple Card is the result of a wider effort by Apple Inc to generate a larger part of its revenue from services, after relying heavily on iPhone sales for years.

Apple shares closed lower for a second consecutive trading session on NASDAQ on Friday. The stock went down 2.12% ($4.41) to $204.02, after touching an intraday low at $201.63, or a price level not seen since July 10th ($201.56).

Shares of Apple Inc have added 29.34% to their value so far in 2019 compared with a 16.96% gain for the benchmark index, S&P 500 (SPX).

In 2018, Apple’s stock went down 6.79%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

According to the Apple Card customer agreement, clients cannot use the credit card to buy cash advances or cash equivalents, including cryptocurrencies, lottery tickets, casino gaming chips or race track wagers.

Last year such purchases were prohibited by Lloyds Banking Group Plc and Virgin Money, which followed the example of banking groups such as J.P. Morgan Chase & Co and Citigroup Inc. According to banks, price volatility could lead to tremendous debts, which consumers would not be able to repay.

Analyst stock price forecast and recommendation

According to CNN Money, the 35 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $228.34, with a high estimate of $270.00 and a low estimate of $150.00. The median estimate represents an 11.92% upside compared to the closing price of $204.02 on August 2nd.

The same media also reported that at least 19 out of 40 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 15 – as “Hold”. On the other hand, 4 analysts had recommended selling the stock.