Technology
Apple Shares Surge Back Toward All-Time High of $132
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The crush of orders for the iPhone 7 has driven Apple Inc. (NASDAQ: AAPL) shares to $115 from $90 in early May. It is now within striking range of its all-time high of just over $132 set on May 18 of last year.
All the good news about the iPhone 7 may not be out. Apple said it will not disclose early unit sales. That may change, or clever analysts may make precise estimates.
There is also a fair argument that Apple benefits from the Samsung Galaxy Note 7 woes.
Perhaps most important, Apple’s next set of earnings are published on October 25. Wall Street speculation will begin in earnest as analysts jockey their numbers for precision. Many will be revised higher based on early iPhone 7 sales.
Finally, Apple’s earnings themselves will show early iPhone sales. And its guidance, always light, may anticipate a strong holiday. That by itself could lift shares toward a new record.
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