Apple stock is now within spitting distance of the $1 trillion market cap milestone. Although after-hours trading can be volatile, it is obvious that investors are pleased with Apple’s latest earnings report.
In after-market, the stock hit $197.69 — above its all-time high of $195.96, up 3.6% on today’s close. If the gains hold, Apple will open with a market cap around $990bn tomorrow.
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Although short-term stock price changes are not a great indicator of company performance, there is a lot of attention on the tech titans at the moment as Apple nears a trillion-dollar market cap, a milestone that no public company has ever achieved before.
Apple will cross the ‘magic’ trillion dollar line when the stock price crosses about $203.50. With the current aftermarket trading, Apple is within just 3% of achieving it.
Apple announced better-than-expected financials for the fiscal third quarter, with resilient iPhone and iPad sales at higher ASP, although Mac sales fell year-over-year. Investors were pleased by Apple’s $60-$62bn next-quarter guidance, which was above consensus estimates.
We’ll see where the stock settles at market open tomorrow …