Apple stock might be down slightly from its crazy record-breaking high earlier this year, but that’s not dampening Wall Street analyst Brian White’s belief that it’s just 12 months away from becoming the world’s first ever trillion dollar company.
In a research note to clients, White refers to Apple stock as one of the “most underappreciated stocks in the world.” We’re pretty certain that’s an invitation for people to buy!
Update:It seems the same technology glitch also caused AAPL prices to seemingly crash early this morning, with Yahoo Finance, Google Finance and MacOS widgets all showing incorrect prices.
We’re used to seeing the price of AAPL stock fluctuating based on even the flimsiest rumor, but this is something else entirely. Due to a glitch related to the way that Nasdaq stocks are listed on several major financial sites, AAPL shares appeared to quadruple in value following the closing bell on Monday.
While Apple fared well, however, other tech companies were less fortunate. The price of Amazon and Microsoft stocks appeared to lose more than half their value, while Alphabet and eBay shares were stuck at $123.47.
The stock market’s a funny place, eh? Just a couple of months after becoming the first company in history to break the $800 billion valuation mark, Apple now finds itself in the unusual position of having investors betting against it.
Short interest on Apple (meaning that investors are staking money on AAPL share prices falling) climbed by $1.3 billion over the past month. According to data compiled by S3 Partners, Apple is now the third most shorted company in the world — after Tesla and Alibaba.
Apple is set to reveal its second quarterly earnings report of 2017 next Tuesday, and based on early estimates from analysts, Tim Cook might not have much to boast about.
Wall Street has been in love with Apple stock the last few months, sending it to all-time highs since the last earnings report came out. But with the holiday shopping season over and a lack of new products to boost sales, Apple’s numbers may look a bit flat.