BTIG analyst Walt Piecyk wrote Monday that WWDC usually hurts Apple Inc. AAPL, +1.15% shares rather than helps. “Notably, Apple stock has never closed up on the actual first day of WWDC, but has closed down 1.2% on average,” Piecyk wrote. “Apple stock has also typically sold off the day after WWDC by a roughly similar amount.” Apple shares have gained in the month leading up to the conference, which Piecyk said is typical. The company kicks of its developer conference with a keynote address at 1 p.m. ET on Monday. Shares are up 1% in Monday trading and up 24% over the past 12 months, while the Dow Jones Industrial Average DJIA, +0.78% has gained 17%.
Apple stock has never closed up on the first day of WWDC, says BTIG
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