Apple Stock
Apple stock is in a buy zone after breaking out from a cup-with-handle base. The ideal buy point is 319.79, but the 5% chase zone runs up to 335.78. The mobile phone manufacturer's stock hit a record high on June 5.
The relative strength line for Apple stock is around record highs. Apple stock has a strong Composite Rating of 90 out of a best-possible 99, but the IBD Stock Checkup tool shows earnings growth has been disappointing of late. It has averaged 5% growth over the past three quarters, though earnings growth is accelerating.
The firm managed to beat Wall Street's targets for its coronavirus-impacted March quarter. The Cupertino, Calif.-based company earned $2.55 a share on sales of $58.31 billion in its fiscal second quarter ended March 28. Analysts were looking for Apple earnings of $2.26 a share on sales of $54.54 billion.
Apple is also weighing whether to delay the launch of its first 5G smartphones by months, possibly into 2021. The coronavirus pandemic has threatened Apple's production schedule as well as global demand.
Reprint from Investor's Business Daily. All copyrights are reserved by the original author.
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