“Apple stock climbed above its 50-day moving average on Thursday, providing evidence that investor sentiment may be turning positive,” Patrick Seitz reports for Investor’s Business Daily.
“Apple stock has been below its 50-day moving average for all but two days since it gave disappointing guidance for the June quarter on April 26,” Seitz reports. “In a research report Thursday, Drexel Hamilton analyst Brian White said the June quarter is likely to be the bottom in the sales cycle, profit cycle and iPhone unit cycle for Apple.”
“‘Given the rising macro concerns and another round of ‘gloom and doom’ circling Apple, the stock has come under more pressure over the past month and, we believe, represents an attractive buying opportunity,’ White said,” Seitz reports. “Apple is likely to get a boost from the coming iPhone 7 cycle, as owners of older-model iPhones upgrade, he said.”
Read more in the full article here.
MacDailyNews Take: As we wrote back in April:
The second half of the year should look better than the first.
Study: Half of all current iPhone owners will upgrade to Apple’s next-gen iPhone – July 7, 2016