On July 20, shares of the Cupertino company skyrocketed: up 2.6%. But the gains only helped to partially offset the losses from the previous day, when AAPL followed the rest of the stock market lower and sunk by 2.7%.
Below is a quick summary of what likely impacted Apple's share price movements on Tuesday, the best day of returns for AAPL investors since March 2021.
Also read: iPhone 13 Could Push Apple Stock Even Higher
Apple news of the day
- Probably the most important factor behind Apple stock's outstanding performance on Tuesday surfaced on Monday. Driven by fears over COVID-19's delta variant, in addition to a couple of company-specific developments that were short of encouraging, AAPL was probably oversold. Tuesday's price action was likely a corrective reaction to overly bearish investor sentiment, first and foremost, that pushed Apple shares from a peak of over $149 on July 14 to less than $143 on Monday.
- AAPL was further supported by a bullish Wall Street report that crossed the wire in the morning – check out the Apple Maven's analysis of it tomorrow, before the opening bell. Ahead of Apple's July 27 earnings day, analysts have been adjusting their estimates and price targets higher, boosting the stock's momentum.
Also read: A Yellow Flag Has Been Raised
Key metrics on Apple stock
After spending months below the all-time high of late January, Apple stock finally climbed to new highs in July. Below are a few key Apple stock-related metrics:
- AAPL is up 10% for the year vs. the S&P 500's 16% and the Nasdaq's 15% gains.
- AAPL is down only 2% from the July 14 peak of $149 per share.
- The company's equity is worth $2.44 trillion, the highest in the US stock market.