“The indices are mixed and breadth is running about 2,900 gainers to 3,800 decliners, while Apple is trading up over 2.3% and helping to offset substantial weakness elsewhere,” James “Rev Shark” Deporre writes for RealMoney.
“Strong momentum in Apple on top of its already strong move following a mediocre earnings report doesn’t seem justified but there is speculation that its stock buyback program is hard at work and driving the action,” Deporre writes.
“Buybacks not only boost the stock due to their raw buying power,” Deporre writes, “but they also squeeze shorts and create fear of missing out which produces more buying pressure.”
Read more in the full article here.
MacDailyNews Take: So, after their Q119 report, Apple’s post-warning (January 2nd) buyback freeze has likely ended and the company is again aggressively buying shares at a nice discount.
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