Apple share price: Cook ‘deeply offended’ by BBC report

on Dec 19, 2014
Updated: Oct 21, 2019
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iNVEZZ.com, Friday, December 19: Apple Inc’s (NASDAQ:AAPL) chief executive officer Tim Cook has responded to a recent report by British broadcaster BBC alleging that the Cupertino-based tech giant mistreats workers in its Chinese factories responsible for assembling the company’s iPhones and iPads. As reported by The Telegraph today, Apple senior vice president of operations Jeff Williams sent an email to around 5,000 staff across the UK, saying that both he and Cook were “deeply offended by the suggestion that Apple would break a promise to the workers in our supply chain or mislead our customers in any way”.

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The BBC’s Panorama programme yesterday showed footage from the Pegatron factories on the outskirts of Shanghai. Undercover reporters filmed exhausted workers “falling asleep on their 12-hour shifts” and found that “standards on workers’ hours, ID cards, dormitories, work meetings and juvenile workers were being breached” at the factories. The programme also claimed to have found evidence that tin from illegal mines, could be entering Apple’s supply chain. It claimed to have found children digging tin ore in “extremely dangerous conditions” at the mines.

However, Williams rejected the allegations made by the report. “Panorama’s report implied that Apple isn’t improving working conditions,” he said. “Let me tell you, nothing could be further from the truth.”
In today’s trading, Apple shares rose 0.3 percent to $112.98 as of 15:15 UTC, pushing the company’s market capitalisation to $658.2 billion. According to the Financial Times, the 42 analysts offering 12 month price targets for Apple Inc. have a median target of $121.00, with a high estimate of $150.00 and a low estimate of $60.00. As of December 12, 2014, the consensus forecast amongst 84 polled investment analysts covering Apple Inc. suggests that the company will outperform the market.
As of 16:00 GMT, Friday, 19 December, Apple Inc. share price is $113.00.

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