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APPLE PROFIT BEATS ESTIMATES, STOCK SPIKES -

01-May
19:41 IST

Apple’s stock is currently trading at 296.12- higher by 0.79% as compared to its previous close. In the pre-market trading session, the stock was trading lower by 2.56%. The stock has pared all of its earlier losses and turned positive after the opening bell.

The iPhone-maker reported its second-quarter revenue and earnings after the market close on Thursday. Apple generated an adjusted EPS of $2.55 for the second quarter. The EPS was above the consensus estimates of $2.26. The company brought in $58.3 billion in revenue for the second quarter. The revenue was also above the market expectation of $54.54 billion.

The iPhone-maker hiked its quarterly dividend by 6% to $0.82 per share. Apple has authorized addition of $50 billion in its stock buyback program. The iPhone –maker withdrew guidance for its Q2 in February as the pneumonia-causing virus spread in China. The company did not issue guidance for its third quarter, as it usually does. In its fiscal 2019, the iPhone-maker spent $14.1 billion on dividends. Stocks of Apple have fallen about 1% Year-to-date.

On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 61.73% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- STOP BUY AT 297.40 TAKE PROFIT AT 300.40 STOP LOSS AT 296.00

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