Apple stock on pace for best daily winning streak since 2003
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Apple’s CEO Tim Cook is seen at the 2022 Vanity Fair Oscar Party. It took place after the 94th Oscars at the The Wallis Annenberg Center for the Performing Arts, Beverly Hills, California. This was March 27, 2022.
AFP – Getty Images| AFP | Getty Images
AppleShares rose Tuesday to record an 11th straight day of gains, which would make it the longest winning streak for iPhones.
Mid-day saw a more than 1% increase in the company’s stock, reversing its year-end losses. This is still 2.8% below the record set on January 3, when Apple’s stock market value hit $3 trillion. Apple’s market cap was $2.9 trillion as of Tuesday.
Apple stock was last up for more than 11 consecutive days in 2003 when it experienced a 12-day run. This was during the iPod music player’s rapid growth. 2007 was the year that Apple’s first iPhone hit the markets.
Apple rallies alongside a broader market gainWith investors becoming more hopeful about ceasefire negotiations between Russia & Ukraine, this led to a rise in optimism. Apple’s Big Tech counterparts also saw gains on Tuesday. Meta, Amazon, NetflixAnd AlphabetAll advances
Dan Ives of Wedbush Securities said in an email that Apple is “a solid foundation” and that services and iPhone demand were helping to propel the stock back toward the $3 trillion mark.
High-growth tech is seeing a lot of financial turmoil this year. However, big names that have been around for a while are doing better than the emerging and money-losing businesses. Investors are choosing to invest in safer assets, with inflation at its highest point in over 40 years.
Ives said that the Fed’s rate riseoff was “a clear green signal to own tech stocks” and recommended buying Apple shares. This rally caught many investors off-guard and they are trying to catch up with Cupertino.
Apple was even hit with some difficult news by Nikkei Asia, who reported that the company had been suspended. scaling back productionDue to lower-than-expected demand, Apple’s new budget iPhone SE was discontinued. Apple’s ability to stay afloat in turbulent waters has been demonstrated by its leadership.
Bryn Talkington, Requisite Capital Management: “Tim Cook continues to execute with his team.” told CNBC on Friday. It would surprise me if Apple stopped executing. It has done very well. I believe it will keep doing that.
WATCH: Loup’s Gene Munster says he’s still very bullish on Apple
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