Apple stock is on the brink of wiping out its losses in the year to date as investors’ excitement mounts over the belated unveiling of its artificial intelligence strategy at WWDC 2024 on June 10th.
Apple shares were edging up 0.2% to $192.66 in early trading on Wednesday.
It’s not much of a gain, but it does put the stock on track for an eighth consecutive rise after notching its seventh consecutive days of increases on Tuesday, its longest winning streak since September last year. That left it down just 0.1% this year so far, having fallen as low as $165 a share last month.
The catalyst looks to be increasing optimism around what might be announced at Apple’s Worldwide Developers Conference, or WWDC, which will be held online June 10-14. The company is widely expected to announce the integration of AI into its iPhones, including a refreshed version of its Siri digital assistant.
The stock might keep heading higher ahead of WWDC, but Apple also has a historical pattern of selling off after the annual event, notes Melius Research analyst Ben Reitzes.
“We aren’t smart enough to know this time, but these AI announcements have broken some well-known patterns for other stocks to the positive side of late,” Reitzes wrote in a research note.
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MacDailyNews Take: Melius Research’s Reitzes maintains a $227 target price and a “Buy” rating on Apple stock.
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A new CEO would help.
If you don’t like TC you could vote against him at the shareholder meeting. The last meeting he got about 99% yes votes.
Well, if you were honest about the situation and not a shill — the board is actually the REAL PROBLEM to continue allowing this pipeline dry CEO, with zero creativity and big ideas beyond a balance sheet — to move Apple forward to “the next big thing.”
Both board and CEO need to be replaced, but one step at a time the key driver of a company is CEO. Cook is better at killing great ideas than making them happen such as the Apple Car. Caught behind the tech game sleeping at the AI switch.
Musk made his fortune building cars, but Tim cannot do it with all the high powered executive car hires, the lavish salaries, unlimited resources and the world’s first THREE TRILLION dollar company in the greatest corporate office building, ever built?!?!? C’mon, man!!
Wake up people! Cook is the anchor dragging down the creative ship and expect nothing new from him, except maintaining the status quo. A visionary leader is needed and long overdue, Musk or Forstall, or a dozen others before its too late…
Wow, so if the stars align AAPL might match it’s all-time high again… 6 months after doing so and then hitting a hard sell-off as usual. Back up the truck?
What is your P/T for AAPL?.