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Apple (AAPL) Gains As Market Dips: What You Should Know
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In the latest trading session, Apple (AAPL - Free Report) closed at $135.94, marking a +0.88% move from the previous day. This move outpaced the S&P 500's daily loss of 0.2%. Elsewhere, the Dow lost 1.14%, while the tech-heavy Nasdaq added 1.39%.
Prior to today's trading, shares of the maker of iPhones, iPads and other products had gained 1.81% over the past month. This has lagged the Computer and Technology sector's gain of 3.75% and the S&P 500's gain of 4.01% in that time.
Apple will be looking to display strength as it nears its next earnings release, which is expected to be February 2, 2023. The company is expected to report EPS of $1.93, down 8.1% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $120.48 billion, down 2.8% from the prior-year quarter.
AAPL's full-year Zacks Consensus Estimates are calling for earnings of $6.19 per share and revenue of $404.08 billion. These results would represent year-over-year changes of +1.31% and +2.47%, respectively.
Investors should also note any recent changes to analyst estimates for Apple. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.01% lower. Apple is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Apple is holding a Forward P/E ratio of 21.77. This represents a premium compared to its industry's average Forward P/E of 8.34.
We can also see that AAPL currently has a PEG ratio of 1.74. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer - Mini computers industry currently had an average PEG ratio of 2.4 as of yesterday's close.
The Computer - Mini computers industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 223, putting it in the bottom 12% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AAPL in the coming trading sessions, be sure to utilize Zacks.com.
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Apple (AAPL) Gains As Market Dips: What You Should Know
In the latest trading session, Apple (AAPL - Free Report) closed at $135.94, marking a +0.88% move from the previous day. This move outpaced the S&P 500's daily loss of 0.2%. Elsewhere, the Dow lost 1.14%, while the tech-heavy Nasdaq added 1.39%.
Prior to today's trading, shares of the maker of iPhones, iPads and other products had gained 1.81% over the past month. This has lagged the Computer and Technology sector's gain of 3.75% and the S&P 500's gain of 4.01% in that time.
Apple will be looking to display strength as it nears its next earnings release, which is expected to be February 2, 2023. The company is expected to report EPS of $1.93, down 8.1% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $120.48 billion, down 2.8% from the prior-year quarter.
AAPL's full-year Zacks Consensus Estimates are calling for earnings of $6.19 per share and revenue of $404.08 billion. These results would represent year-over-year changes of +1.31% and +2.47%, respectively.
Investors should also note any recent changes to analyst estimates for Apple. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.01% lower. Apple is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Apple is holding a Forward P/E ratio of 21.77. This represents a premium compared to its industry's average Forward P/E of 8.34.
We can also see that AAPL currently has a PEG ratio of 1.74. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Computer - Mini computers industry currently had an average PEG ratio of 2.4 as of yesterday's close.
The Computer - Mini computers industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 223, putting it in the bottom 12% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AAPL in the coming trading sessions, be sure to utilize Zacks.com.