Apple shares rose 0.2% premarket on Tuesday, extending gains into the 11th straight day, a rare feat in the storied company’s 41-year stock market history. During this extended rally, Apple added $407 billion in market value, or roughly the size of Walmart.
Apple has seen its earnings estimates being upgraded by 7.2% this year by analysts, much faster than other stocks in the Faang group. Shares have also managed to dodge a Nikkeireport about production cuts, leaving the stock just 1% away from covering 2022 losses and 4.7% away from a $3 trillion market value.
The Cupertino, California-based company is perhaps living up to its reputation as a relative haven in a turbulent time for tech.
For sales trader Jim Dixon at Mirabaud Securities, it’s the mom-and-pop investors behind the stunning rally. “Quite remarkable for a company trading on more than 28x forward earnings in a rising rates environments with supply chain issues/inflation,” he said. Dixon also [said] that “investors are effectively saying that it is smooth sailing going forward.”
