Apple Stock Hits Buy Point After Blowout Quarter But Cautious Guidance Softens Gains

Apple stock hit a buy point on Thursday after the consumer electronics giant posted a blowout March-quarter earnings report. But Apple‘s (AAPL) cautious guidance for the June quarter dampened investor enthusiasm.


In morning trading on the stock market today, Apple stock attempted to break out of a cup-with-handle base at a buy point of 135.63, according to IBD MarketSmith charts. It climbed as much as 2.6% to 137.07 before retreating. In recent trades, Apple stock was up 0.4%, near 134.20.

The short handle on Apple’s daily stock chart probably wasn’t enough to shake out weak holders, according to IBD analysis.

On a weekly chart, Apple has formed a cup base with a buy point of 145.19.

Apple Stock Gets Flurry Of Price-Target Hikes

At least nine Wall Street analysts raised their price targets on Apple stock following the company’s earnings report late Wednesday.

Apple surprised investors with a much stronger-than-expected fiscal second-quarter earnings report. The Cupertino, Calif.-based company earned $1.40 a share, up 119% year over year, on sales of $89.58 billion, up 54%, in the quarter ended March 27. Analysts expected Apple earnings of 99 cents a share on sales of $77.35 billion.

The tech titan also announced $90 billion in fresh share buybacks and hiked its quarterly dividend by 7%.

However, Apple said it expects a more dramatic seasonal sales decline from the March quarter to the June quarter than in prior years.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.


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