Nasdaq glitch sets AAPL & other shares to $123.47 in non-existent stock crash
A Nasdaq glitch caused a number of major trading platforms to display AAPL’s share value as $123.47, some 14.3% below its true value at the time. The incorrect price was shown on Bloomberg, Google Finance, Yahoo Finance and others.
Apple shares dropped a further 0.6% yesterday, making five straight days of decline. There has also been an increase in the number of investors ‘shorting’ AAPL – effectively betting that the share price will fall.
But while some are pointing to the dramatic scale of the total loss in market capitalization, others say that the numbers need to be viewed in context.
One commentary noted that the total loss in value experienced by the five largest U.S. tech companies in one week was enough to have bought Boeing …
Data compiled by S3 Partners shows that ‘short interest’ in the stock – investors staking money on Apple’s share price falling – has climbed by $1.3B in the past month. This makes Apple the third most shorted company after Tesla and Alibaba …
AAPL shares continue to slide in pre-market trading amid tech market uncertainty
AAPL shares have continued to fall in pre-market trading after losing almost 4% in value on Friday. At the time of writing, pre-market trading shows a further decline of 1.6%.
Apple may be the world’s largest company by market capitalization, but it doesn’t top all the rankings. The Fortune 500 ranks U.S. companies by annual revenue, and Apple has retained the #3 slot it achieved last year, albeit with changes either side of it …
This week Benjamin and Zac discuss the state of watchOS software and disappearing Apple Watch apps, the rumored Siri Speaker possibly expected at WWDC, a wild iPhone 8 launch claim, and Apple’s latest quarterly earnings results. 9to5Mac’s Happy Hour podcast is available for download on iTunes and Apple’s Podcasts app, or through our dedicated RSS feed for Overcast and other podcast players.
Apple yesterday announced its Q2 2017 earnings, reporting profits of $11.03 billion on revenues of $52.9 billion. The company sold 50.7 million iPhones, 8.92 million iPads, and 4.19 million Macs. To delve into greater detail, Tim Cook this evening joined Jim Cramer on CNBC’s “Mad Money” for a full sit down interview talking earnings, the future, President Trump, and more.
Analysts did note that continued declining revenues in China was cause for concern, but this was offset by strong and growing services revenue, increased capital returns, and expectations of an iPhone 8 super-cycle…
As of the time of writing, AAPL stock was down 1.7% in pre-trading following the company’s announcement that Q2 iPhone sales had missed expectations. Sales were down 1% year-on-year, though a higher average selling price meant that iPhone revenues were up by the same percentage.
The share price of Apple suppliers was also hit when markets opened in Europe …
One day ahead of Apple’s announcement of its Q2 earnings, the prevailing analyst view appears to be that there will be no surprises. The company is expected to deliver close to the top end of its revenue guidance, with most expecting revenue of around $53B.
Analysts also expect the company to show year-on-year growth in iPhone sales …
Analyst raises AAPL target price to $170 ahead of iPhone 8
Apple’s stock is currently trading for around $141 with Credit Suisse previously projecting a target price of $160. Now the firm is increasing its target price for AAPL up to $170 according to MarketWatch.
If Trump enacted his promised corporate tax reforms, Apple would likely repatriate the bulk of its $230B cash reserves held overseas, and see its profits jump by 16%. The prediction was made by Citi in analysis seen by Business Insider.
Trump’s tax reform plans include reducing the corporate tax rate from 35% to 15% in the US, and applying a tax of only 10% to the profits of US companies that want to repatriate cash being held overseas […] The proposals would make it likely that Apple would move its foreign cash back to the US in order to pay the least amount of tax. In the most recent quarter, Apple said it was holding $246 billion in cash, of which $230 billion was held in foreign subsidiaries.
The combination of the two would have a significant impact on earnings per share, says Citi …
A UBS analyst says that AAPL stock could reach as high as $200/share over the next 2-3 years, as the stock hit its 11th record high so far this year. It has already hit the equivalent of $1,000/share when you factor in the share split.
MarketWatch notes that the stock yesterday set two records: its highest ever value, at $143.80, and its highest intraday price of $142.80. Many analysts are setting high target prices for the stock, and one of them even predicts a possible $200 level, notes Business Insider – though he does add some crucial riders …