at market open, Apple Inc. is again worth north of $1 trillion.
Shares of Apple are trading around $218.72, +$9.94 (+4.76%) resulting in a market value of $1.008 trillion.
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For the moment, Apple is the second most-valuable publicly-traded company. Currently, Microsoft is overvalued at $1.067 trillion, but MSFT shares are in the red at the start of the day’s trading. We’ll see how the day goes.
No.3 Amazon’s valuation stands at $936.097 billion.
Apple shares rose 4.4 percent on Wednesday, after the company calmed Wall Street nerves with an improvement in sales in China and as several brokerages predicted a boost from its services business and the launch of new iPhones in the second half of 2019.
If the gains hold, Apple would be within touching distance of again topping $1 trillion (roughly Rs. 69,00,000 crores) in market value, just shy of the world’s most valuable company, Microsoft. Apple had 4.53 billion shares outstanding at the end of last quarter.
In the earnings report after markets closed on Tuesday, Apple said services revenue rose 12.6 percent to $11.5 billion in the three months to June, offsetting a 12 percent fall in global iPhone sales to just under $26 billion.
“We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China,” Chief Executive Tim Cook told a conference call after the results. JP Morgan analyst Samik Chatterjee,who rates the stock ‘Overweight’, said he believed Apple’s transformation of the services business and a strong product cycle are strong reasons to own its shares.
At least 11 of the 43 brokerages who rate Apple shares raised their price targets for the stock, with Citigroup raising it by $45 to $250. The median of current recommendations is $217.
“We’re encouraged as Apple continues to recover from a difficult start to the fiscal year,” Credit Suisse analysts wrote in a note. However, they said iPhone remains a sustained drag heading into a more incremental fall launch cycle.
Conclusion:- Concerns about a slowdown in China, where iPhone sales continue to decline, have helped keep Apple’s share price below last year’s highs. But it is still up 50 percent in value from lows hit in a market sell-off at the end of last year.
