“The Dow Jones industrial average notched another milestone on Wednesday, breaking above 22,000 for the first time,” Fred Imbert reports for CNBC. “The 30-stock index climbed about 43 points at the open, receiving a boost from Apple’s stock, which surged nearly 6 percent in the premarket after posting quarterly results that blew expectations out of the water.”
“The company reported earnings per share of $1.67 on revenue of $45.4 billion,” Imbert reports. “Analysts polled by Reuters expected earnings per share of $1.57 on revenue of $44.89 billion.”
“Drexel Hamilton analyst Brian White said in a note he sees more upside for the stock moving forward. He said: “[W]e believe investors will now feel more confident in owning the stock for the upcoming iPhone 8 cycle that is expected to begin this fall, while also benefitting from the company’s capital distribution initiative, attractive valuation and potential new innovations,’” Imbert reports. “If White’s assessment is correct, that could mean further gains for the Dow as well. Entering Wednesday’s session, Apple’s stock was the sixth-largest in terms of price.”
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