Apple shares rallied again on Tuesday, in a winning-streak last seen nearly two decades ago, as improved risk sentiment is sending investors back to the largest U.S. technology companies.
Jeran Wittenstein and Ryan Vlastelica for yahoo Finance:
Apple rose for an 11th-consecutive day in New York, climbing as much as 1.4% to trade as high as $178.13 and within sight of a record high of $182.01 reached early in January. The longest-winning streak since 2003 sent the stock back into the green for the year…
“What we’re seeing is the difference between companies that are actually performing phenomenally well and those whose future is harder to quantify,” said Ross Gerber, chief executive officer of Gerber Kawasaki Inc. “People are betting on the companies that are growing earnings the fastest over time.”
With prospects for some scaling back in the war in Ukraine boosting risk sentiment, attention turned to Apple’s profits outlook. Analysts have increased their earnings per share estimates by 8.6% so far this year, while those for the S&P 500 have gained 4.6%, according to data compiled by Bloomberg.
Investors also largely bypassed a Nikkei report about production cuts, leaving the stock within striking distance of a $3 trillion market value.
“The selloff got overdone, and took these big tech names down to levels that were very attractive,” said David Katz, chief investment officer at Matrix Asset Advisors. “Apple is a very strong and dynamic growth company, and it remains at the better end of the pack in terms of its valuation.”
MacDailyNews Take: Ah, the profitability borne of unhinged skittishness! It may be repetitive, but it’s never boring and always welcome!
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