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.]
The post Apple shares rise to near 52-week high appeared first on MacDailyNews.
