With the US stock markets closed on New Year’s Day, today, January 2nd was the first day of trading for 2020. AAPL has continued its steady growth and crossed the $300 mark, reaching a new all-time high. That’s over 100% growth from the January 2019 low of $142 after Apple issued a rare guidance revision for its earnings. With that in the rearview mirror, the current share price gives Apple a market capitalization of $1.33 trillion.
AAPL hit a 52-week low on December 21st, 2018 of $149 as rumors swirled about the company cutting iPhone production amid slowing sales. Then just after the new year, Apple issued its guidance revision due to struggles in China on January 2nd after the markets closed. AAPL shares fell the next day to the 2019 low of $142.19.
What a difference a year makes.
The first day of 2020 trading brought more growth for Apple stock as shares increased 2.28% putting it at $300.35 at the end of the day. According to Google, that price makes Apple’s market capitalization 1.33 trillion, putting the company 1/3 of the way to its next trillion dollars.
The share price crossed the $300 mark faster than even Apple bulls have expected.
We heard Citi analyst Jim Suva share his prediction earlier this week that Apple’s AirPods and Apple Watch sales are going to surprise analysts and that AAPL would continue to move toward his target price of $300.
We also recently learned that AAPL’s performance in 2019 (the company’s best since 2009) accounted for a whopping 8.2% of the entire US market’s gains. Paired with Microsofts strong year, the two companies made up 15% of US stock growth.
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