- Apple reportedly lays off recruiters, according to Bloomberg.
- AAPL stock has rallied over 30% from June lows.
- Apple stock runs into trend line resistance.
Apple (AAPL) is never far from the limelight, but a report today from Bloomberg says the company may be slowing progress in the recruiting sphere. This was recently alluded to on its most recent earnings call and should not come as too much of a surprise given the potential for a global economic slowdown. It remains to be seen how iPhone demand holds up in the face of an inflationary recession. Usually, consumers switch to lower-cost items, which would put Apple right in the crosshairs of a consumer-led slump in luxury brands.
Also read: Apple Stock Deep Dive: AAPL price target at $100 on falling 2023 revenues
Apple stock news
Bloomberg reported on Tuesday that Apple had let go of some contract recruiters as part of its push to curb spending. The report cited people familiar with the matter. About 100 contract workers were let go, according to the report. With a global workforce of over 150,000, a cut of approximately 100 seems insignificant, but the fact that these were all recruiters lends slightly more credence to the hiring freeze rumors doing the rounds.
Apple has also been rumored to be looking to take its revenue from advertising well past the current $4 billion level. Potential advertising on Maps, Apple TV and other products are said to be in the cards as the tech giant seeks to increase revenue generation and broaden away from the iPhone. The iPhone remains the dominant revenue driver in the Apple makeup and is one of the main reasons we opted for a shocking $100 12-month price target in our deep dive.
This may seem shocking to some, but note that Apple traded down to $129 in June before the recent rally. This is a 12-month price target and takes into consideration how a global inflationary slowdown has double headwinds. There are not only rising costs, which hit margins but also falling iPhone demand. We did slightly tweak our numbers following the recent earnings release, but our current price target of $110 is still notably bearish versus consensus.
Apple stock forecast
Longer term we gave Apple a $110 12-month price target. In the shorter term, let's take a look at the significant resistance we have just run into. A trend line currently holds all three major highs in place and confirms the downtrend. A break would, therefore, be significant. This move already has been significant with a 30%-plus move in not much over a month.
AAPL stock is now overbought on the Money Flow Index (MFI) and the Relative Strength Index (RSI). It is significantly overbought on the RSI at 75, with consensus overbought at 70. Breaking $173.50 brings $179 into the target, but the risk-reward is to the downside in the short term.
Apple (AAPL) chart, daily
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

Gold gives away some gains, slips back to $2,980
Gold retraced from its earlier all-time highs above the key $3,000 mark on Friday, finding a footing around $2,980 per troy ounce. Profit-taking, rising US yields, and a shift to a risk-on environment seem to be putting the brakes on further gains for the metal.

EUR/USD remains firm and near the 1.0900 barrier
EUR/USD is finding its footing and trading comfortably in positive territory as the week wraps up, shaking off two consecutive daily pullbacks and setting its sights back on the pivotal 1.0900 mark—and beyond.

GBP/USD remains depressed, treads water in the low-1.2900s
GBP/USD is holding steady in consolidation territory after Friday’s opening bell on Wall Street, hovering in the low-1.2900 range. This resilience comes despite disappointing UK data and persistent selling pressure on the USD.

Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.

Week ahead – Central banks in focus amid trade war turmoil
Fed decides on policy amid recession fears. Yen traders lock gaze on BoJ for hike signals. SNB seen cutting interest rates by another 25bps. BoE to stand pat after February’s dovish cut.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.