“Apple shares have been pummeled lately amid reports of slowing iPhone sales, but the world’s largest asset manager BlackRock showed confidence in the consumer electronics giant by adding shares to its portfolio,” James Detar reports for Investor’s Business Daily.
“BlackRock said in a filing Monday that it owned 315.4 million shares of Apple, or 5.7% of total equity, at the end of the fourth quarter,” Detar reports. “That’s up from about 217.1 million shares or 3.9%, that the investment firm owned at the end of the third quarter, MarketWatch said, citing FactSet data.”
“Apple is set to report fiscal first-quarter earnings results after the market close on Tuesday,” Detar reports. “A consensus of analysts polled by Thomson Reuters calls for the Cupertino, Calif.-based company to report a 5.6% increase in earnings per share to $3.23 on a 2.7% rise in revenue to $76.6 billion. The company has topped quarterly earnings estimates for eight quarters in a row.”
Read more in the full article here.
MacDailyNews Take: Blackrock added just about 100 million more Apple shares. Hey, if you’re gonna back up the truck, back up the damn truck!
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[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]