Apple Inc. shares surpassed $300 amid predictions for a robust holiday quarter, demand for wearables such as AirPods and planned services including streaming TV.
Shares of the iPhone maker rose 2.3% to close at a record $300.35, topping the $300 mark for the first time on a split-adjusted basis. Thursday’s gain was in stark contrast to the dismal start Apple had in 2019 when it cut its sales forecast for the first time in almost two decades exactly a year ago. Despite the setback, Apple went on to outperform all other megacap technology stocks in 2019 with a gain of 86%, its best year in a decade…
Investors are increasingly optimistic about Apple’s user base of nearly 1.5 billion consumers… key to generating recurring revenue from services like iCloud storage subscriptions, streaming service Apple TV+, Apple Music and AppleCare.
Apple shares traded well above $300 when the company completed a 7-for-1 stock split in 2014.
MacDailyNews Take: Maybe Mr. Market is finally figuring it out?
Even near an all-time high, the case can be made convincingly that Apple is woefully undervalued. We’re not sure that most analysts or investors can really wrap their minds around the vast amounts of money that the machine that Steve Jobs built has generated, is generating, and is capable of generating going forward. — MacDailyNews, May 3, 2018