February 1, 2018 | Apple Shares Up Sharply on Punk Forecast

Wild-eyed buyers seemingly can’t get enough Apple shares at the moment. They’ve pushed the stock up $7 in after-hours trading following a downbeat earnings forecast for Q1. Here’s the Bloomberg headline that seems to have inspired the buying stampede: Apple Forecast Falls Short After iPhone Sales Miss Estimates. A clear case of sell the rumor, buy the news? Punk sales of iPhone X have been in the news for weeks, so the story presumably was well discounted before today’s announcement. If the stock is in fact turning around following an 8% slide from $180 over the last two weeks, it could help clear the air for a resurgence of the tech sector. We’ll know soon enough.
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Rick Ackerman February 1st, 2018
Posted In: Rick's Picks