Apple Makes History Hitting $2 Trillion Market Cap

Apple made history today as the market capitalization surpassed 2 trillion after the stock hit $468.65 in early trading. Apple stock is 58% higher this year and has gained over 120% since the March lows. The stock gained 86% in 2019. 

AAPL beat Wall Street estimates in the second-quarter earnings as customers continued to order it’s product and services during the coronavirus lockdown. Apple’s Revenue grew across every business sector and all of its geographical locations.

Apple Stellar Quarter 

Apple reported a stellar second-quarter earnings report. Apple earnings came at $2.58 per share, beating the consensus estimates of $2.04. The Revenue was $59.69 billion crushing the expectations of $52.25 billion. The iPhone revenue climbed to $26.42 billion, also topping the expectations of $22.37 billion. The Revenue from Services was the only sector that came below forecasts at $13.16 billion as the estimates were for $13.18 billion.

Apple faces pressure on the company’s App Store practices. The House of Representatives investigates App Store fee structure, in which AAPL retains up to 30% of sales. The company also faces a lawsuit from Epic Games, which accuses Apple of monopolistic practices.

On the fundamental side, Apple price to earnings ratio stands at 34.85, while the forward P/E estimated at 29.33. The Price to sales ratio is at 7.44. The Price to Earnings Growth ratio is at 2.33. 

Apple Share Technical Analysis

Apple is 1.29% higher at 468.25, making fresh record highs as the rally looks unstoppable. Resistance for the share now stands at 480 psychological mark. 

On the downside, immediate support for the AAPL share is at 462.47 the daily low. More bids would emerge at 455.07 the low from yesterday’s trading session. In case of a break lower then the next support is at 440.19 the low from August 12. 

All in all, the technical picture is bullish, and the pullbacks should be considered as a buying opportunity. 

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Apple Share Daily Chart

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