Apple jumps more than 6%, set to open at record high after earnings beat

“If consumers are holding out for the next iPhone, they’ve still been spending plenty of money at Apple Stores in the meantime,” CNBC reports. “Shares were set to open at a record high Wednesday, with a market capitalization of over $830 billion, after the iPhone maker reported better-than-expected earnings. The stock climbed more than 6 percent in extended hours trade and were set to open near $160 a share, on track to surpass the $156.65 intraday high set on May 15.”

“The gains in Apple were also poised to push the Dow Jones industrial average over the psychologically key 22,000 level,” CNBC reports. “Apple reported fiscal third-quarter earnings on Tuesday that beat analysts’ expectations, and revenue that topped estimates, as it sold more iPhones than expected. The company also hit a major goal, as the App Store drove Apple’s Services division to a record high, the size of a Fortune 100 company.”

“Apple also said on Tuesday it expects fourth-quarter revenue between $49 billion and $52 billion, a little on the heavy side. Analysts polled by Thomson Reuters expected Apple to forecast $49.21 billion in revenue in the company’s fiscal fourth quarter,” CNBC reports. “Rounding out Apple’s product sales, the company also reported 11.42 million iPads shipped vs 9.03 million units estimated and 4.29 million Macs shipped vs 4.33 million units estimated. Though Apple does not break out sales of AirPods or Apple Watch, Cook told investors on a conference call that sales of Apple Watch were up 50 percent.”

“With a giant pile of cash held mostly overseas, Apple could be a big beneficiary of change at the White House [repatriation tax holiday],” CNBC reports. “Apple’s cash pile hit a new record of $261.5 billion during the quarter.”

Read more in the full article here.

MacDailyNews Take: When the repatriation holiday becomes a reality, say hello to the world’s first trillion dollar company!

SEE ALSO:
Apple shares jump 6% to record high after earnings beat – August 1, 2017
MacDailyNews presents live notes from Apple’s Q317 conference call – August 1, 2017
Apple beats Street – August 1, 2017

7 Comments

    1. Please don’t start that Apple vs. Dell nonsense again. Dell is ancient news. MDN was constantly comparing the two companies until the time Apple crashed hard back in 2016. There’s no need for hubris when good fortunes can turn bad for Apple so easily. Apple is doing relatively well right now so there’s no need to flaunt it.

      There’s still a slight problem with Chinese smartphone users and their addiction for WeChat and Apple can’t quite get its hands on that pile of overseas cash. That cash pile is $261.5B minus debt which must have reached to over $100B by now. The FANG stocks are still rated well above Apple on Wall Street so there’s no clear sailing for Apple. Doom and gloom are always a single financial quarter away from Apple.

      1. Dell went private in 2013. There is no Dell market cap against which to compare, which is why MDN stopped doing it back in 2013 when Dell was delisted from the Nasdaq.

  1. Didn’t the pundits say yesterday how a good Apple earnings beat would set the tone and lift the entire market? Maybe it’s just my eyes but there sure seems to be a lot of stocks in the red today. You honestly can’t believe some of the BS these pundits are constantly pushing. How one stock doing well is going to lift all the others makes no sense at all. One hot stock surely isn’t going to lift all the clunkers.

  2. So where are the naysayers who said short? Herb Greenberg..in hiding. Doug Kass who said short at 90 and 95 and 115 and again at 125 and said to by SQQQ. Carl Icahn sold his position and said there were issues and risks with their strategy. Tom Gordan hows that short call in March 2016 going for you? Stephen Weiss (CNBC) “wouldn’t touch Apple” kicking yourself, you should the stocks 30% higher. There were so many.

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