Apple Stock News
For the latest Apple Stock News, AAPL closed at $113.55 on Wednesday, September 21st, with a loss 0.28%, or $0.33 from Apple’s previous closing of $113.88.
Since this previous article, AAPL shares been up almost 5% since the release of the iPhone 7. As the iPhone 7 continues to be the talk of its success, another event is taking place that could surprise the automotive industry. Is Apple negotiating a takeover or strategic investment with luxury and high performance car manufacturer, McLaren Technology Group? According to the Financial Times, negotiations has been undergoing for months. Although McLaren denies Apple’s talks for a takeover, Apple has been in the past two years been working on its self-driving electric vehicle program. Speculating a deal to take place, analysts are valuing McLaren in a possible $1.5 billion deal.
If a takeover were to take place, its not a question of where Apple will find the funds to finance the deal, but what is Apple’s intention? McLaren’s manufacturing plants does not appear to be the reason for a takeover. With some of McLaren’s cars reaching a million dollars, only a few thousand cars are made each year. So, this isn’t a company they would be investing to use McLaren’s manufacturing plants to mass produce cars. Rather, it appears their interest is in acquiring their assets in car technology along with the engineering talent pool. Perhaps this may not be a surprise move. In the year 2005, Telsa approached Louts to work together and as a result created the Tesla Roadster.
Nomura Securities earlier today reiterated a buy rating and increased its price target by 12.5% from $120 to $135 per share.
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