Apple has hit a new all-time high ahead of its most significant product launch event in nearly a decade, after benefiting from a broader rotation back into technology stocks.
Shares of Apple were up 1.6% at $183.62 in morning trading Monday. The stock needs to finish above the $182.01 closing level it achieved on Jan. 3, 2022, in order to record a new all-time closing high. It has already traded as high as 183.86 Monday, surpassing the record intraday level of $182.94, which was set on Jan. 4, 2022, according to Dow Jones Market Data.
Ryan Vlastelica for Bloomberg News:
The stock has risen consistently throughout 2023, with investors viewing it as a safe haven in periods of economic risk or uncertainty given the strength of its balance sheet, its capital-return program, and its durable revenue streams. In addition, its recent results topped expectations, thanks to a rebound in its iPhone and growth in its Services business.
“Even with how much it has risen, it still feels like a quality company, with a lot of cash, continued innovation, a fortress balance sheet, and a large customer base upgrading their products,” said Devon Drew, chief executive officer of DFD Partners. “It should continue to grow, but it can also weather any storm. That means it works in both risk-on and risk-off environments, and that makes me very excited to own it.”
At the current price, Apple is poised to add $16.5 billion of market cap, putting it even closer to a historic $3 trillion valuation. It is the largest public company by far, and comprises about 7.5% of the weight of the S&P 500 Index.
MacDailyNews Take: As we wrote on December 22, 2022 on which day Apple traded as low as $130.30:
Back up the Tonka truck for Apple at these discount prices, kids! You’ll likely never time the market perfectly, but you can make a lot worse investments than buying Apple over time, especially when it’s beaten down, reinvesting the dividends every quarter, and holding for the long term.
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