Oct 11, 2019

Apple shakes off its critics as stock hits 52-week high

Photo: Philip Fong/AFP via Getty Images

Apple's stock rose 1.35% Thursday, more than doubling gains by the S&P 500 and the Nasdaq and touching a 52-week high.

Driving the news: The strong gains came despite criticism of the company for pulling apps from its store in recent days to appease Chinese authorities.

What's happening: Apple shares have seen that kind of outperformance all year. The stock price has risen by around 45% this year, more than double the S&P's YTD gains and well above the 29% rise of tech ETF XLK. It's also the best-performing FAANG stock this year by a wide margin.

  • Apple shares have benefited from stronger-than-expected sales of the iPhone 11 and increased excitement about its wearables, such as the Apple Watch and AirPods.

Yes, but: Wall Street analysts remain bullish on Apple in words, but the average price target is below the company's current $230 stock price.

  • Of the 48 analysts covering Apple, 25 have Buy ratings, 18 have Holds, and 5 have Sells, according to Bloomberg data cited by Barron's. Their average 12-month target for the stock is $224.10.

Watch this space: Apple also continues to see overall iPhone sales drop, with volumes expected to fall 15% this year from 2018's total, according to a September report from IDC.

Go deeper: Apple doubles down on buybacks

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Apple: iPhone 11 off to "very, very good start"

Apple CEO Tim Cook introducing the iPhone 11 Pro. Photo: Apple

Apple delivered a generally positive earnings report on Wednesday, with CEO Tim Cook telling Reuters that iPhone 11 sales are off to a "very, very good start."

Why it matters: The iPhone is the bulk of Apple's business and critical to driving demand for its other products.

Go deeperArrowOct 30, 2019

As iPhone sales fall again, Apple eyes 5G as the answer

Photo: Anusak Laowilas/NurPhoto via Getty Images

Apple delivered a generally positive earnings report on Wednesday, with CEO Tim Cook telling Reuters that iPhone 11 was off to a "very, very good start," despite sales falling 9.2% in the quarter, continuing a pattern that has been in place for the past year.

Why it matters: The iPhone is the bulk of Apple's business and critical to driving demand for its other products, but a report from Bloomberg, citing unnamed sources, said Apple expects iPhone sales to return to growth next year, thanks to the introduction of 5G.

Go deeperArrowOct 31, 2019

Apple after Steve Jobs is focus of forthcoming book

Illustration: Rebecca Zisser/Axios

Most of the hottest new books about tech companies have focused on startups and companies barely a decade old — but Silicon Valley stalwarts like Apple haven't lost all their literary luster yet.

Driving the news: Wall Street Journal reporter Tripp Mickle will write an as-yet-untitled book for William Morrow about the iPhone maker's last decade since the death of co-founder Steve Jobs in 2011 — the era in which design chief Jony Ive held sway over product design while CEO Tim Cook steered the companyt to new market highs and new revenue from services.

Go deeperArrowOct 17, 2019