By Ben Winck From Business Insider

• Apple gained as much as $18 billion in market value on Wednesday following a report that its Foxconn iPhone plants will speed up their return to normal production.
• The Chinese factories were closed for weeks due to a coronavirus-related shutdown, but Foxconn now expects to reach 50% output by the end of February, Reuters reported.
• The manufacturer, which produces Apple’s iPhones and Airpods among other products, also hopes to resume 80% of all China production in March, according to Reuters.
• Apple lost as much as $27 billion in market cap on Monday after a previous Reuters report noted two factories were authorized to reopen but only had 10% of their employees available.

Apple added as much as $18 billion in market value on Wednesday after Reuters reported its Foxconn iPhone plants will speed up their return to regular production outputs.

Foxconn aims to reach 50% output by the end of February after the coronavirus outbreak forced its facilities to shut down for weeks, Reuters reported Wednesday, citing an unnamed source with direct knowledge of the plans. The contract manufacturer, which produces Apple’s iPhones and AirPods, also plans to resume 80% of China production in March.

“Shipments will be affected, but it’s too early to give an exact number. We might still have a chance to make it with overtime, but we also need to monitor consumer sentiment to come for the end products,” the source told Reuters, referencing electronic devices including smartphones.

Apple shares traded as much as 1.3% higher in Wednesday trading.

The accelerated output plans follow a Monday Reuters report noting only two factories were able to reopen this week. Foxconn’s Zhengzhou and Shenzhen plants were authorized to resume production, but only 10% of the factory’s employees returned to work on February 10, according to Reuters. The company’s Kunshan factory was approved to resume production on Tuesday. Apple saw as much as $27 billion erased from its market value on Monday following the Reuters report.

Numerous factories, travel hubs, and retail locations have been forced to shut their doors for weeks as the coronavirus outbreak cripples China’s economy. Starbucks and Nike both closed at least half of their China locations to curb the virus’ contagion, and Teslahalted production at its new Shanghai Gigafactory for more than a week due to the government-ordered shutdown.

The outbreak has killed at least 1,100 people and infected more than 45,000 since starting in December. Only two deaths have been reported outside of China: one in the Philippines and another in Hong Kong.

The pandemic has already prompted economists to lower their expectations for growth around the world. The outbreak will drive a “modest hit to annual-average global GDP” of 0.1 to 0.2 percentage points in 2020, Goldman Sachs analysts wrote on February 4. China’s economy will face the biggest hit, with Goldman anticipating a 1.6 percentage-point drop in economic growth in the first quarter.

The tech giant warned in its January 28 earnings report that coronavirus-related uncertainties prompted it to issue “wider-than-usual” guidance for second-quarter revenue.

Apple traded at $323.71 per share as of 11:10 a.m. ET Wednesday, up 11% year-to-date.

The company has 28 “buy” ratings, 16 “hold” ratings, and four “sell” ratings from analysts, with a consensus price target of $336.49.

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