{"id":11241,"date":"2023-12-08T19:44:24","date_gmt":"2023-12-08T19:44:24","guid":{"rendered":"https:\/\/connectwithfund.com\/markets\/apple-stock-climbs-its-on-track-to-close-with-3-trillion-market-cap-again\/"},"modified":"2023-12-08T19:44:25","modified_gmt":"2023-12-08T19:44:25","slug":"apple-stock-climbs-its-on-track-to-close-with-3-trillion-market-cap-again","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=11241","title":{"rendered":"Apple Stock Climbs. It’s on Track to Close With $3 Trillion Market Cap Again."},"content":{"rendered":"
\n

\n Apple
\n shares pushed past the $3 trillion level on Tuesday for the first time since early August.<\/p>\n

Apple remains the most highly valued U.S. listed company, about $235 billion ahead of
\n Microsoft.<\/span>
\n Just three other U.S. companies have a valuation above $1 trillion:
\n Alphabet,<\/span><\/p>\n

Amazon,<\/span>
\n and
\n Nvidia.<\/span>\n <\/p>\n

In fact, Apple\u2019s valuation is about even with Amazon and Alphabet combined.<\/p>\n

\n

Shares of the iPhone parent on Tuesday rallied 2%. 2 to $193.50, the stock\u2019s highest close since Aug. 1. The stock topped the $3 trillion level for the first time since Aug. 3, according to Dow Jones Market Data. Apple hit that mark for the first time on June 30.<\/p>\n

The stock needed to close at $192.89 to reach the $3 trillion milestone.<\/p>\n

Apple\u2019s recent run\u2014the stock has rallied 9% since reporting earnings in early November\u2014comes despite a distinct lull in its underlying business. <\/p>\n

September quarter revenue was down 1% year over year, the fourth straight quarterly decline at the top line. While iPhone revenue inched up 3% in the latest quarter, Mac revenue plunged 34%, and iPad revenue fell 10%. <\/p>\n

Services revenue improved 16%, offsetting the weakness in most hardware categories. Apple projected December-quarter revenue would be about flat with the year- earlier period, falling short of the Wall Street forecast for 5% growth.<\/p>\n

While Apple shares have obviously had a strong year\u2014up nearly 50%\u2014 the stock is actually lagging behind most of the other \u201cMagnificent 7\u201d group of tech shares.<\/p>\n

Nvidia shares have more than tripled this year on huge demand for graphics processors used in generative AI applications and while
\n Meta
\n has rallied 160%, aided by the company\u2019s \u201cyear of efficiency\u201d push to cut costs and boost margins.<\/p>\n

Heading into 2024, Apple investors will be focused on the growth in iPhone demand, particularly given intensifying competition in the China market, where Huawei is getting new traction, and on the continued growth of the company\u2019s services arm. <\/p>\n

One wild card on that front will be the Justice Department\u2019s lawsuit against Google, which asserts that the company unfairly locked in its dominant position by paying billions every year to Apple to lock-in a position as the default search engine both for iPhones and for the Safari web browser. Aa loss for Google in that case could leave Apple scrambling to replace billions in revenue. <\/p>\n

Meanwhile, Apple in 2024 will launch its Vision Pro mixed-reality headset, its first product in a category that has seen disappointing results from other entrants, including Meta and Microsoft. <\/p>\n

Investors also await clarity from Apple on its strategy around generative AI. While the company has said it is investing in AI, there have been announcements of product plans.<\/p>\n

The run-up in Apple shares have driven up the company\u2019s valuation to levels that some investors might find uncomfortable, given the company\u2019s lack of growth recently. <\/p>\n

Apple shares now trade for more than 29 times Street consensus estimates for the September 2024 fiscal year. That\u2019s considerably above the current valuations for Microsoft at 24 times, Alphabet at 23 times, and Meta at 22 times.<\/p>\n

Commentary from BofA Securities analyst Wamsi Mohan might be helping to push shares higher onTuesday. Mohan, who rates the stock as Neutral with a $208 price target, wrote in a research note that Apple\u2019s App Store revenue is up about 11% in the fiscal first quarter to date, according to SensorTower data.<\/p>\n

\u201cFor the month of November, App store revenue in China increased 8% y\/y after increasing 10% y\/y in October,\u201d Mohan said. \u201cGiven September media reports about a ban on iPhones at govt locations in China, the strong September, October, and November app store data is promising for Apple.\u201d<\/p>\n

Despite this positive data, Mohan maintained his Neutral rating. He said positive catalysts of new product introductions and stable iPhones are offset by a potentially weaker consumer spending environment.<\/p>\n

Write to Eric J. Savitz at eric.savitz@barrons.com and Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Apple shares pushed past the $3 trillion level on Tuesday for the first time since early August. Apple remains the most highly valued U.S. listed company, about $235 billion ahead of Microsoft. Just three other U.S. companies have a valuation above $1 trillion: Alphabet, Amazon, and Nvidia. In fact, Apple\u2019s valuation is about even with Amazon and Alphabet combined. Shares of the iPhone parent on Tuesday rallied 2%. 2 to $193.50, the stock\u2019s highest close since Aug. 1. The stock topped the $3 trillion level for the first time since Aug. 3, according to Dow Jones Market Data. Apple hit<\/p>\n","protected":false},"author":1,"featured_media":11242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-11241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"\nApple Stock Climbs. 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