Since August 2–the day after the company released its results–shares of Apple have increased 7.08 percent to reach $160.08 at the close on Tuesday (August 8).
MarketWatch reported on Tuesday that the company has returned to its “record setting ways” as its market cap has increased by $56 billion since reporting its earnings. The article continued, stating that Apple’s stock rally on Tuesday was “enough to make it the best percentage gainer among Dow Jones Industrial Average components.”
In the company’s announcement, it states that it had recorded quarterly revenue of $45.4 billion , and quarterly earnings per diluted share of $1.67, while international sales represented roughly 61 percent of the quarter’s revenue.
“With revenue up 7 percent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue,” Tim Cook, Apple’s CEO said in the release.
With how well, Apple’s share price has performed since announcing its earnings, faith has been restored in the company for some analysts who just a week ago said to CNBC that “Apple’s rally had temporarily stalled.”
Case in point, Todd Gordon, founder of TradingAnalysis.com, has come around from his above-noted comment and said on CNBC’s “Trading Nation” that the tech giant is “performing quite well post-earnings.”
“We saw a little bit of a sell-off post that really nice earnings gap,” he said in the interview. Gordon continued, stating that the rally is likely to continue.
“We were unable to close that gap, which usually suggests underlying strength in the stock,” he said. “It looks like Apple is clear to move up into the $160s.”
Year-to-date, shares of Apple have increased 38.21 percent. With the highly-aniticpated launch the iPhone 8 sometime in September, the company’s stock rally should no doubt continue.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.