Apple makes fresh all-time highs with the capitalization now at 1.62t after another hike in price target by analysts. Apple is taking advantage of the lockdown as more and more consumers staying at home and downloading apps.
Apple will release its third-quarter earnings, (April to June) on July 30. The company didn’t issue any guidance due to the coronavirus crisis uncertainty, but investors believe that revenue and earnings will take a significant hit. Revenues for the second fiscal quarter grow slightly, but it was before the coronavirus outbreak.
Apple Q3 Earnings Estimate
For the third quarter, the market expects 51.80 billion in revenues, but there is some forecast for revenues up to 55.84 billion, the previous year same quarter sales were at 53.81 billion.
The earnings expected at 2.02 per share, the higher estimate is for 2.47/share while the low estimate is for 1.55/share. The previous year same quarter earnings were at 2.18/share.
Investors will focus on this fall’s 5G iPhone launch, with low expectations but they want to see the full power of the new products during 2021 as the market would return to normal after the coronavirus crisis.
Apple Daily Technical Analysis
Apple is 0.37% higher at 375.32, having hit earlier new all-time highs at 378.62. The technical picture is bullish, and higher levels are on the card. The RSI index has entered today overbought territory so a sharp correction can’t be ruled out.
On the upside, first resistance stands at 378.62 the all-time high. Next hurdle is the psychological mark at 390.
On the flip side, initial support for Apple stands at 374 the daily low. The next support zone for Apple will be met at 364.27 the low from July 2nd. More bids would emerge at 351.12 the low from June 29th.
Apple Daily Chart