Apple stock is trading up by 4% today, following yesterday’s Apple earnings call. This, at least as far as we’re aware, drives Apple over the $1 trillion value once more.
That sound you hear are champagne corks popping in Cupertino!
This quarter was Apple’s best fiscal quarter of all time. However, while many areas of the company showed growth, iPhone revenue fell considerably. Still, as analyst Jim Cramer noted this week, anything more than disastrous news was going to cause Apple stock to trend upward.
Apple has had a very mixed year in terms of its stock price. It first hit $1 trillion last summer. However, this was followed by a crash later in the year. Even this year, Apple’s seen highs and lows. It has been both the recipient of a “death cross” and a “golden cross.” You don’t have to be an investment guru to work out which of those is good and which is bad.
As a result of trade uncertainty in China, Apple — as an American giant which does business there — has been trading as more or less a proxy for the trade situation. That situation appears to have finally calmed down. Now that Apple has turned its most boring quarterly report this year into a resounding success, the stock is responding accordingly.
Since Apple passed the $1 trillion milestone (becoming the first public company in history to do so), it has been followed by Microsoft and Amazon.
A $1 trillion company again… probably
Right now, Apple is trading at $217.77. According to Yahoo Finance, this gives Apple a market cap of $1.02 trillion.
We’re being cautious, though. A company’s market cap is calculated by multiplying a company’s outstanding shares by the market price of one share. Because of Apple’s continuing share buyback program, it’s not immediately clear how many outstanding shares available. When Apple hit the $1 trillion mark last summer, its stock price had to reach $207.05. It’s now more than $10 past that. But analysts have made this mistake before.
Either way, it’s a great start to the day in Cupertino!
