“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.”
Read more in the full article here.
MacDailyNews Take: A bobbing Apple lifts all boats.
SEE ALSO:
How Wall Street analysts are reacting to Apple’s earnings beat – August 2, 2017
Apple jumps more than 6%, set to open at record high after earnings beat – August 2, 2017
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
The Dow has gone from around 18K when Trump won the election to now at 22K.
In spite of
– A bad holiday season 2016.
– Store closings in 2017 form all retailers. At least 3200 store closures so far.
– Foreclosures in 2017 including Radioshack, Payless Shoes, HHGregg to name a few.
– Sears announcing in 2017 they are likely to file bankruptcy.
– Malls closing.
– US auto sales from the big three down for the last 6 months.
– Economy growing at 1% to 1.5% – bad.
– Lowest home ownership since the 1960’s
– Low wages.
– High rents taking up to 50% & more of incomes.
– Credit card used back to pre-receesion highs. Stores closing means consumers aren’t buying, rather paying their utility and grocery bills with their CC.
– Poverty increasing.
are you saying there’s a trump bubble? there are many good market catalysts, esp. as opportunities in green energy will transform markets.
This uptick is all based on a giant tax break for the rich that the GOP planned to pass on the backs of the poorest of the sick, handicapped and elderly. The market responds to two things, Greed and Fear.
Man you are dumb…
The casino speculators of Wall Street all just knew Agent Orange was going to cut their taxes and corporate taxes just like he was going to repeal ObamaCare and build that wall Day One.
Well not so fast Sparky.
6 months into the fiasco that is the Republican Nirvana we still have the ACA, no Tax cut is in sight for this tax year, there is no wall built, Trump has fired everybody but Jared, Mueller is closing in on the Mobbed up and heavily indebted Trump Organization and an election is looming just over the horizon.
It gets better. The Debt Ceiling is soon to be hit and Paul Ryan, Mitch McConnell and Trump himself will have to sign off on an increase or face a complete shut down of government. As it is doubtful that the Freedom Caucus will not support such a thing, Ryan, McConnell and Trump will have to come hat in hand to Ms Pelosi and Mr Schumer and they are going to want some things in exchange for helping the NeoCons out.
Welcome to Washington, Mr Trump.
Meanwhile, back on Wall Street the free money from the Fed (Quantitative Easing- a.k.a. making money out of thin air) continues to inflate Wall Street even as it diminishes the value of every Dollar you possess like an invisible tax. The very Banksters that robbed Americans blind and almost crashed the World economy have figured out how to profit from the actions of central banks designed to stave off deflation.
Wow just look at the stock price now, way to go Apple!
Donald J. Trump, A True American Hero! America First!
WINNING!!!!
Wow! You need to look up the definition of “hero”. Although you did preface it with “American” which by all modern accounts boils down to “mediocre” or even worse, “bloated”.
“America First” to the rest of the world really means, “America Last”. Have you seen where the US sits on any meaningful charts other than consumption of goods? Where it REALLY matters, education, the USA has been surpassed by more than half the rest of the world. We’re only #1 when compared with 3rd world countries.
Yes, as I have written on this forum many times over the years, now pay attention Michael, the U.S. Spends twice as much on education than the rest of the G8 nations. What do the taxpayers get for their money? FACT: The lowest test scores for years.
So listen sonny, before you spew more hate for President Trump, get out of mom’s basement and DO YOUR HOMEWORK …