Apple (AAPL) Shares Drop 2.5% as CEO Tim Cook Steps Down

Apple (AAPL) shares fell 2.5% on April 21 following the announcement that CEO Tim Cook will be replaced by John Ternus on September 1. The company is scheduled to report its fiscal Q2 earnings on April 30. In its last earnings report, Apple saw iPhone revenue reach $85.27 billion, a 23% year-over-year increase, and iPhone sales constitute nearly 60% of total revenue. Morgan Stanley has reiterated its $315 price target for Apple, citing strong expected performance from iPhone sales despite pressures from rising memory costs that may affect gross margins.