Apple shares rose $2.44 (+1.41%) to close at $175.43 in Friday trading. The company’s 52-week high of $176.39 was set on May 19th.
Earlier this month, Apple reported Q223 earnings of $2.34 per share on revenue of $97.3 billion, beating analyst expectations of $2.18 per share on revenue of $94.1 billion. The company also announced that it would be returning $90 billion to shareholders in the form of buybacks and dividends. The strong earnings and buyback announcement have helped to further boost investor sentiment in the company.
Charley Grant for The Wall Street Journal:
The S&P 500, which is up 8.1% in 2023, would be down for the year without the contribution of the eight largest tech stocks. The tech-heavy Nasdaq Composite has advanced 21%, its best start to a year since 1991, according to Dow Jones Market Data.
Microsoft, which in January announced a $10 billion investment in OpenAI, the startup behind ChatGPT, is up 36%. Apple, Google parent Alphabet and Amazon.com have each added more than 33%.
Based on the volume of calls he has received from clients, [Joseph Zappia, co-chief investment officer at LVW Advisors said] that interest from mom-and-pop investors hasn’t yet reached a point that suggests a bubble is developing. “If I were to use past frenzies as a reference point, it’s nothing like people saying to me two years ago, what coins should I buy?” he said. “The crypto craze was on a whole other level.”
MacDailyNews Take: A nice way to end the week ahead of the long Memorial Day holiday!
A huge thank you to those who have served or are serving in the U.S. military!
Interns, please do your duty and Tap That Keg™! Prost, everyone! 🍻🍻🍻
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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
why is microsoft 330+ dollars?
Microsoft is integrating A.I. into all of its products and services. It’s smart and trendy. They say to strike while the iron is hot and that’s what Microsoft is doing. Investors like that Microsoft is being assertive and that’s why Microsoft is $330. Good for those Microsoft shareholders. Maybe Apple will get its turn.
Apple NEAR an all-time high… Most of the major tech stocks have broken through their all-time highs already. Why? Because all of those tech companies claim they’re on the cutting edge of A.I. and investors are going crazy over those companies.
Don’t worry. I’m not upset or anything. I would prefer Apple’s share price stay low, so Apple can repurchase as many shares as possible. Apple’s share price will go up in time and I can easily wait until the end of the year for Apple to break through their all-time high. I’m in Apple for the long-term and can’t be envious about what other stocks I don’t own are doing. I have done very well with owning Apple and that’s what I should be grateful for.
Sounds like a hard cope. For all the good Apple has done I would have been better off investing in MSFT a decade ago. It’s up 1000% in ten years, AAPL is up 750%, sad but true.
The farther Mr. Sweaty Developers-Developers is removed from MS, the higher the price will go. The sinking of big weights translates to a rising tide in the pool.
I was originally attracted to Apple because of the overall functionality and design of their COMPUTERS!
While the company’s diversification is apparently making them money, I am convinced that they are loosing the allegiance of many of their core advocates.
Apple used to be on a logical march toward “better”, The new models were as sound as the current technology allowed. But now they just seem to throw new models out randomly, to see what will sell. It’s a plethora of chaos.
It always used to be clear what my next model computer should be, necessitated by the continuous growth of software complexity and inevitable new uses, (and a few other variables).
But now, I am reminded of Apple in the late 1990’s, before Jobs was rehired. As we know, one of his very first moves was to immediately clean up the chaos. Apple earnestly needs another Jobs.