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Apple (AAPL) Dips More Than Broader Markets: What You Should Know
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In the latest trading session, Apple (AAPL - Free Report) closed at $138.98, marking a -1.03% move from the previous day. This change lagged the S&P 500's daily loss of 0.65%. At the same time, the Dow added 0.12%, and the tech-heavy Nasdaq gained 0.07%.
Heading into today, shares of the maker of iPhones, iPads and other products had lost 14.08% over the past month, lagging the Computer and Technology sector's loss of 13.29% and the S&P 500's loss of 11.07% in that time.
Wall Street will be looking for positivity from Apple as it approaches its next earnings report date. This is expected to be October 27, 2022. In that report, analysts expect Apple to post earnings of $1.25 per share. This would mark year-over-year growth of 0.81%. Our most recent consensus estimate is calling for quarterly revenue of $88.06 billion, up 5.64% from the year-ago period.
Any recent changes to analyst estimates for Apple should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.26% lower. Apple is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Apple is holding a Forward P/E ratio of 21.66. This represents a premium compared to its industry's average Forward P/E of 6.12.
Also, we should mention that AAPL has a PEG ratio of 1.73. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Computer - Mini computers stocks are, on average, holding a PEG ratio of 1.99 based on yesterday's closing prices.
The Computer - Mini computers industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 242, which puts it in the bottom 4% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AAPL in the coming trading sessions, be sure to utilize Zacks.com.
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Apple (AAPL) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Apple (AAPL - Free Report) closed at $138.98, marking a -1.03% move from the previous day. This change lagged the S&P 500's daily loss of 0.65%. At the same time, the Dow added 0.12%, and the tech-heavy Nasdaq gained 0.07%.
Heading into today, shares of the maker of iPhones, iPads and other products had lost 14.08% over the past month, lagging the Computer and Technology sector's loss of 13.29% and the S&P 500's loss of 11.07% in that time.
Wall Street will be looking for positivity from Apple as it approaches its next earnings report date. This is expected to be October 27, 2022. In that report, analysts expect Apple to post earnings of $1.25 per share. This would mark year-over-year growth of 0.81%. Our most recent consensus estimate is calling for quarterly revenue of $88.06 billion, up 5.64% from the year-ago period.
Any recent changes to analyst estimates for Apple should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.26% lower. Apple is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Apple is holding a Forward P/E ratio of 21.66. This represents a premium compared to its industry's average Forward P/E of 6.12.
Also, we should mention that AAPL has a PEG ratio of 1.73. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Computer - Mini computers stocks are, on average, holding a PEG ratio of 1.99 based on yesterday's closing prices.
The Computer - Mini computers industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 242, which puts it in the bottom 4% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AAPL in the coming trading sessions, be sure to utilize Zacks.com.