Apple’s Tim Cook to defend App Store at trial with Fortnite maker

Apple’s Tim Cook to defend App Store at trial with Fortnite maker

Apple Inc (NASDAQ:AAPL) UP 2.10% AT 127.31

Apple Inc (NASDAQ:AAPL) Chief Executive Tim Cook on Friday will take the witness stand to defend the App Store, a booming part of the iPhone maker’s business that “Fortnite” maker Epic Games says is a monopoly that Apple abuses.

Cook is expected to spend more than two hours making what are likely to be his most extensive public remarks on the App Store business, which anchors Apple’s $53.8 billion services business.

Epic has waged a public relations and legal campaign, arguing that Apple acts anticompetitively by only allowing apps it approves on the world’s 1 billion iPhones and by forcing developers to use Apple’s in-app payment system, which charges commissions of up to 30% on sales.

The antitrust trial at a federal courthouse in Oakland, California comes as Apple faces a chorus of criticism from app makers including music service Spotify (NYSE:SPOT) Technology and U.S. politicians who say the most valuable public company in the United States tries to squash small competition.

On technical fronts Apple Inc (NASDAQ:AAPL) RSI stood at 42.11 and currently stock is trading Above 5 days MA and Below 20 and 50 days Moving Averages. So, SELL position can be taken with following target and stoploss.

TRADE SIGNAL -: Apple Inc (NASDAQ:AAPL) – SELL: 127.05, TARGET: 126.44, STOP LOSS: 128.26

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