Apple stock rose Friday after the company delivered an all-time record June-quarter revenue report. Plus, Apple expects sales growth to accelerate in the September quarter as supply chain issues ease.
Patrick Seitz for Investor’s Business Daily:
The Cupertino, Calif.-based company late Thursday topped Wall Street’s estimates for its fiscal third quarter ended June 25… Total sales rose 2% year over year to $83 billion while earnings per share dropped 8% to $1.20.
Apple… said sales growth would accelerate on easing supply constraints. In the June quarter, Apple struggled with shortages of Mac computers and iPad tablets.
Apple’s revenue is more impacted by supply constraints than macroeconomic worries, Evercore ISI analyst Amit Daryanani said in a note to clients. He reiterated his buy rating on Apple stock and raised his price target to $185 from $180.
In afternoon trades on the stock market today, Apple stock rose 3.3% to $162.58. With the move, Apple climbed above its 200-day moving average line, a positive sign.
Apple stock is in a 30-week consolidation pattern with a buy point of $183.04, according to IBD MarketSmith charts. That buy point is 10 cents above the stock’s all-time high $182.94, reached on Jan. 4, based on IBD trading guidelines.
MacDailyNews Take: According to IBD, a buy point is a price level at which a stock is most likely to begin a significant advance. It also points to an area of the chart that offers the least amount of resistance to price progress.
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Per projections, I’d call this assuring, amidst the inflation challenge. Understated really.
““In terms of an outlook in the aggregate, we expect revenue to accelerate in the September quarter despite seeing some pockets of softness.””
https://9to5mac.com/2022/07/28/tim-cook-apple-revenue-grow-despite-inflation/
So, let me see if I’ve got this straight. AAPL closed today over $162. But don’t buy it yet because its “buy point” is $183.04, 10 cents above the stock’s all-time high ($182.94), after which this analyst expects it will most likely begin a significant advance. Where was this guy when AAPL recently started a very significant advance from 130s? He’s not analyzing Apple. He’s just impressing himself with his graphs and charts. “Ooh, look! This line crosses that line. Look at all the nifty shapes these lines make going up and down! Look! I can fill in the parts below with pretty colors.” You could miss out on a lot of money listening to crackpot advice like this.
Try this instead: buy AAPL when it’s on sale (and even when it’s not), hold for a while, profit when you sell (and pick up a little extra from the dividends in the meantime). This strategy has never failed to provide a profit over any given three-year period this century. A longer-term timeline works even better.
So, is AAPL on sale right now?
Yes.
see your problem is you’r trying to apple common sense to institutional financial advice.
It’s not a good idea to stay put for too long; Glamrock Chica, Roxanne Wolf, Montgomery Gator, and the security guard at the Pizzaplex, Vanessa, will turn over every Cotton Candy Pizza Stand if necessary.
If a meteor leveled Cupertino, the very next day MDN would dredge up an article pumping AAPL. Then MDN would complicity sit by as its magat trolls cheer for death and destruction in California, and any other social criticisms remotely related to anyone living there.