Since hitting a recent low in mid-June, Apple’s shares have surged 27%, outpacing the S&P 500 Index and the Nasdaq 100 Index, now down just 7.2% in 2022, compared with a drop of 19% for the Nasdaq 100.
Jeran Wittenstein for Bloomberg News:
Apple shares benefited from a relief rally after its quarterly earnings were better than feared, and its ongoing buoyancy reflects Wall Street’s confidence in its ability to continue churning out big profits. Individual investors, who recently helped ignite rallies in speculative corners of the market, have flocked to the stock.
“Retail investors have been strong buyers of Apple over the past couple of months, first attempting to buy the dip, then buying into the recent recovery,” said Lucas Mantle, a data scientist at Vanda Research, which tracks investor positioning.
Apple has routinely ranked among the most purchased stocks among that cohort over the past month, according to data from Vanda Research.
The average earnings-per-share estimate for Apple next year has fallen less than 1% over the past month, compared with a drop of about 4% for Microsoft Corp. and 7% for Amazon.com Inc., according to data compiled by Bloomberg.
MacDailyNews Take: Apple shares were wildly oversold in June, hitting a low of $129.04 on June 16th. If you got in below $130, you’re a smart cookie, too. 🙂
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