Apples results send shares surging to nine-month high
Apple
soothed the market because of its consistency of execution. Tim Cook has a steady hand on the helm, said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.
Investors in uncertain times want certainty, and Apple, as well as Microsoft are as close as you can get to certainty, Dollarhide added.
The worlds most valuable company reported lower revenue and profits for the quarter ending April 1, but still beat analysts expectations. With Apples results helped by emerging markets like India, executives said gross profit margins for the current quarter would be better than forecast.
Apples stock market value climbed by over $100 billion to about $2.7 trillion, extending its lead over Microsoft, the worlds second most valuable company, at $2.3 trillion.
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Last trading at $173.48, the Cupertino, California companys shares were set to log their biggest one-day gain since Nov. 30. They were just short of a peak of over $176 last August.
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Apples stock has recovered almost 40% from its closing low in January, and it is now down just 4.7% below its record high close in January 2022. By comparison, the S&P 500 remains down 15% from its record high close, also in January 2022.
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Saturday, May 6, 2023 at 7:17 am