Apple reversed its stock trajectory for the year in 30 minutes

AppleInsider

Apple stock was having a tough year after some early gains -- until investors erased the loss after Thursday's earnings report.

Apple's share price has risen following its latest earnings report

Investment firm Bernstein was right when it told clients to buy Apple stock because it was at an attractive low price. At the close of trading on Thursday, Apple's shares were at $173.03

In aftermarket trading, they have increased. A lot.

At time of writing, the share price is $185.75 and generally rising. By comparison, at the start of 2023, the price was $185.64.

This is not the highest that the share price has risen to during the year, as it previously peaked at $195.81. The lowest was around $165.84 in late April 2024.

But in a quarter where most analysts such as JP Morgan, and even the generally bullish Morgan Stanley have been cutting their Apple price targets.

Analysts have consistently predicted that Apple's share could recover, but all expected it to happen after the expected AI announcements at WWDC 2024 in June.



Read on AppleInsider

teejay2012

The increase may have been from clearing out short trades. Apple had a low bar to clear, given universally low expectations. Plus a huge buy back. Personally I would like to think that some was related to having a real AI announcement soon. We will have to wait.

jdw

$185.75?  When was this?  The article text says "at the time of writing."  I interpret that to mean the time the article was written.  The article is dated May 3, 2024.  It's May 3, 2024 at the time I am writing this.  The AAPL ticker on AppleInsider shows 173.16, which is not anywhere close to $185.75, so either the article is talking about some other "time of writing" or AAPL rose to 185 and then dropped back down to 173.  What the...?

mikethemartian

jdw said:

$185.75?  When was this?  The article text says "at the time of writing."  I interpret that to mean the time the article was written.  The article is dated May 3, 2024.  It's May 3, 2024 at the time I am writing this.  The AAPL ticker on AppleInsider shows 173.16, which is not anywhere close to $185.75, so either the article is talking about some other "time of writing" or AAPL rose to 185 and then dropped back down to 173.  What the...?

Probably after hours trading.

emoeller

The prices are "after close of market" prices.   Stocks trade nearly 24/7 today but markets are only open certain times.   Companies announce earnings either before or after the markets are open as they don't want to disrupt normal market flow.   Unless you trade your own stocks (don't use a broker and trade online) you would not find this of interest since brokers work normal market hours.  

godofbiscuitssf

jdw said:

$185.75?  When was this?  The article text says "at the time of writing."  I interpret that to mean the time the article was written.  The article is dated May 3, 2024.  It's May 3, 2024 at the time I am writing this.  The AAPL ticker on AppleInsider shows 173.16, which is not anywhere close to $185.75, so either the article is talking about some other "time of writing" or AAPL rose to 185 and then dropped back down to 173.  What the...?

If you us the Stocks App, look at the 1D (1 day) chart view.  It shows you the after hours price.

indiekiduk

jdw said:

$185.75?  When was this?  The article text says "at the time of writing."  I interpret that to mean the time the article was written.  The article is dated May 3, 2024.  It's May 3, 2024 at the time I am writing this.  The AAPL ticker on AppleInsider shows 173.16, which is not anywhere close to $185.75, so either the article is talking about some other "time of writing" or AAPL rose to 185 and then dropped back down to 173.  What the...?

after hours (wall st can trade outside of the little guy's allowed hours), use 1 day view in the Stocks app to see it or tick see after hours prices in Yahoo Finance (but their chart crashes Safari so best use Stocks app).

jdw

I am aware of after hours trading, but so should the article author.  In other words, I think the article should have waited more than 24 hours to see if the price would remain high, such that the article would have meaning.  It didn't stay high.  It quickly fell.  Therefore, the article has virtually no meaning at all.  That was my point.

EDIT:
But as of this writing, I see the AppleInsider AAPL ticker is now at the 183 level.  If I now Google AAPL, I see that when it rose above 180, it stayed there.  So it wasn't a case of after hours trading.  It seems the AppleInsider ticker simply had not been updated.  So because of that, I now can appreciate the article.  

jellybelly

jdw said:

I am aware of after hours trading, but so should the article author.  In other words, I think the article should have waited more than 24 hours to see if the price would remain high, such that the article would have meaning.  It didn't stay high.  It quickly fell.  Therefore, the article has virtually no meaning at all.  That was my point.

As of my reading your comment, the market is not open yet in the US.   It’s at 183 pre-market, as of 5:54am MST or 8:54am EDT.  The US market will open around that number and may climb. Markets were open in Japan (Nikei) and continued opening as the earth spun into Friday morning to Europe and now New York in a few minutes for opening. 

ihatescreennames

jdw said:

$185.75?  When was this?  The article text says "at the time of writing."  I interpret that to mean the time the article was written.  The article is dated May 3, 2024.  It's May 3, 2024 at the time I am writing this.  The AAPL ticker on AppleInsider shows 173.16, which is not anywhere close to $185.75, so either the article is talking about some other "time of writing" or AAPL rose to 185 and then dropped back down to 173.  What the...?

This is amazing! Are you posting from the future?!?

Stabitha_Christie

jdw said:

$185.75?  When was this?  The article text says "at the time of writing."  I interpret that to mean the time the article was written.  The article is dated May 3, 2024.  It's May 3, 2024 at the time I am writing this.  The AAPL ticker on AppleInsider shows 173.16, which is not anywhere close to $185.75, so either the article is talking about some other "time of writing" or AAPL rose to 185 and then dropped back down to 173.  What the...?

The article, like your comment is dated May 2nd not May 3rd.

The price mentioned in the article was after-hours trading and the ticker on this website  only tracks regular trading. 

The stock didn't drop back down to 173, it went up in the 180s in after-hours, was  at 1845 in pre-trading this morning and opened at 186 for regular trading today. 

The 173 price was the price at the closing of regular trading yesterday before Apple announced its quarterly results. 

BuffyzDead

jdw said:

$185.75?  When was this?  The article text says "at the time of writing."  I interpret that to mean the time the article was written.  The article is dated May 3, 2024.  It's May 3, 2024 at the time I am writing this.  The AAPL ticker on AppleInsider shows 173.16, which is not anywhere close to $185.75, so either the article is talking about some other "time of writing" or AAPL rose to 185 and then dropped back down to 173.  What the...?

____________________________________

It’s Friday, May 3rd, 2024 at 2:15 PM. EST in the United States 

Apple trading at the moment @ $185.84 per share.  

YMMV

jdw

I live in Japan.  It's now May 4th as of this writing.  So if you folks living in the past (e.g., in the USA) want to know the future, just ask.  

jdw

What the heck?  I just checked AppleInsider's ticker, and it's back to being wrong again:

AAPL: 173.03 ( +3.73 )

Google AAPL and it correctly shows 183.36.

Very odd.