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Apple Pro Says Monday's WWDC A 'Sell-The-News Type Of Event'

Apple Inc. (NASDAQ: AAPL) is hosting its virtual Worldwide Developers Conference a Monday, and one key focus of the event shouldn't come as a surprise, Wedbush's Joel Kulina said on

Benzinga · -

Apple Inc. (NASDAQ:AAPL) is hosting its virtual Worldwide Developers Conference a Monday, and one key focus of the event shouldn't come as a surprise, Wedbush's Joel Kulina said on CNBC's "Worldwide Exchange."

What Happened: Apple is likely to confirm Monday a switch away from Intel Corporation's (NASDAQ:INTC) chips to its own processors to power Mac computers, Kulina said.

The announcement was widely believed by tech experts to be a matter of time given Intel's internal issues on the supply side and management switches.

Apple likely expressed "real worries" about Intel's path, and this is the motive behind the move, he said. Apple can now "move forward" with greater control over its supply chain, Kulina said. 

Why It's Important: Apple's event will be strictly virtual due to the COVID-19 pandemic, and this might result in less enthusiasm from the "Apple fanboys," he said. From Wall Street's perspective, the stock is trading near all-time highs, Kulina said, adding that the event is likely to have incremental surprises that support further upside.

"Typically when you see Apple have these big moves into events, it usually becomes a sell-the-news type of event."

What's Next: The main story to potentially drive Apple's stock remains its 5G iPhone lineup, he said, adding that Cupertino will hopefully, the company will shed some light over the coming months.

AAPL Price Action: Apple shares were up 1.36% at $354.47 at the time of publication Monday. 

Related Links:

Apple Reportedly Shifting Away From Intel, Will Make Its Own Mac Chips

Apple Could Announce In-House Chips For Macs At WWDC: Report

Photo courtesy of Apple.