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Apple Post Earnings Trade
Apple earnings rose 40% to $2.34 in the iPhone maker’s fiscal Q3, surpassing estimates for $2.18. Revenue rose 17% to $53.27 billion. Below is some highlights courtesy Investors Business Daily.
- iPhone shipments hit 41.3 million.
- High-margin services revenue jumped 31% to $9.55 billion.
- Apple forward guidance $60 to $62 billion vs. consensus estimates of $58.655 billion.
Apple (AAPL) stock leaped 4.25% to 198.00 in early trading, blasting above a 194.30 buy point from a flat base within a base-on-base formation. Apple stock has been finding support near the 50d.
At Tuesday’s close, Apple had a market cap of $935.3 billion, with the $1 trillion mark only 7% higher.
Apple Post Earnings Trade
Technically speaking, a break higher at these levels above 196.00 signals a breakout of the recent consolidation zone. Note Buffett is +25% from his entry zone in the 160s (February). Anticipate a measured move (MM) of +16 = 212.00 for the next leg. Chart courtesy Investor’s Business Daily
Leaderboard chart notes and pattern recognition are autogenerated.
We would like to see AAPL hold up this morning as overnight traders take profits. We’ll consider an entry today if AAPL price remains stable in this zone. Wait until the Opening Range is over and the dust settles.
Apple iPhone chipmakers Broadcom (AVGO), Skyworks (SWKS) and Qorvo (QRVO) rose in late trading Tuesday. Apple earnings surprised analysts.
We are considering a re-entry in Broadcom (AVGO). We took profits prior to Apple earnings (202 > 228 +/-).
We will be LIVE this morning at 9:20 AM. Join us, watch, listen and learn.
Happy Trading,
Vinny
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