The stock rose 1.98% to $153.74 a share.
Apple cut production because it is now seeing slowing demand for iPhones, a headline that roiled global equity markets in the beginning of the month. Wednesday, however, all three major U.S. indices were in the green, with the Dow Jones Industrial Average up more than 100 points, as trade talks between the U.S. and China are continuing on. Demand for iPhones -- sometimes an indicator of the macro economic environment -- already had its way with the broader market.
Back to Apple:
Even services revenue, likely the next growth driver, is decelerating, particularly in China. A note out from Morgan Stanley analysts said services revenue will likely decelerate to 18% year over year growth in the December quarter 2018 from 25% in the September quarter. China represents 20% of Apple's total revenue.
Still, services revenue may very well lead the stock higher on a longer-term basis. Hardware sales currently represent over half of Apple's revenue, so it won't exactly be tomorrow that services revenue takes center stage. Some on wall Street who have large price targets on the stock are saying services upside will be realized in the long-run, rather than in the next year or so.
Want more Apple coverage? See RealMoney's stock of the day page.