Apple shares rebound on Monday, tech company to postpone theater release of “The Banker”

According to a report by Reuters, citing a source with knowledge of the matter, Apple Inc (AAPL) will postpone the planned December theater release of ”The Banker”, one of the company’s first original movies.

The film’s debut on the Apple TV+ streaming service will also probably be postponed, Apple said.

Apple shares closed higher for the fourth time in the past ten trading sessions on NASDAQ on Monday. It has also been the sharpest daily surge since November 1st. The stock went up 1.75% ($4.59) to $266.37. The latter also was the intraday high and a price level not seen since November 19th ($268.00).

Shares of Apple Inc have added 68.87% to their value so far in 2019 compared with a 25.00% 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.

”The Banker” was planned to be released in a limited number of movie theaters across the United States on December 6th and onto Apple TV+ in January.

“Last week some concerns surrounding the film were brought to our attention,” Apple Inc said in a statement last week, while announcing the cancellation of the planned November 21st world premiere.

“We, along with the filmmakers, need some time to look into these matters and determine the best next steps,” the tech company said, cited by Reuters.

Analyst stock price forecast and recommendation

According to CNN Money, the 40 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $272.50, with a high estimate of $325.00 and a low estimate of $150.00. The median estimate represents a 2.30% upside compared to the closing price of $266.37 on November 25th.

The same media also reported that at least 21 out of 43 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 13 – as “Hold”. On the other hand, 6 analysts had recommended selling the stock.