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Why the Market Dipped But Apple (AAPL) Gained Today
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Apple (AAPL - Free Report) closed at $173 in the latest trading session, marking a +0.07% move from the prior day. The stock exceeded the S&P 500, which registered a loss of 0.17% for the day. On the other hand, the Dow registered a loss of 0.58%, and the technology-centric Nasdaq increased by 0.27%.
Heading into today, shares of the maker of iPhones, iPads and other products had lost 1.09% over the past month, outpacing the Computer and Technology sector's loss of 2.16% and the S&P 500's loss of 3.95% in that time.
The upcoming earnings release of Apple will be of great interest to investors. The company's earnings report is expected on November 2, 2023. The company is forecasted to report an EPS of $1.39, showcasing a 7.75% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $88.93 billion, indicating a 1.34% downward movement from the same quarter last year.
Investors should also pay attention to any latest changes in analyst estimates for Apple. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.39% downward. Apple presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Apple is presently being traded at a Forward P/E ratio of 26.36. This expresses a premium compared to the average Forward P/E of 11.78 of its industry.
It's also important to note that AAPL currently trades at a PEG ratio of 2.32. 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. The average PEG ratio for the Computer - Mini computers industry stood at 2.32 at the close of the market yesterday.
The Computer - Mini computers industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 54, putting it in the top 22% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Why the Market Dipped But Apple (AAPL) Gained Today
Apple (AAPL - Free Report) closed at $173 in the latest trading session, marking a +0.07% move from the prior day. The stock exceeded the S&P 500, which registered a loss of 0.17% for the day. On the other hand, the Dow registered a loss of 0.58%, and the technology-centric Nasdaq increased by 0.27%.
Heading into today, shares of the maker of iPhones, iPads and other products had lost 1.09% over the past month, outpacing the Computer and Technology sector's loss of 2.16% and the S&P 500's loss of 3.95% in that time.
The upcoming earnings release of Apple will be of great interest to investors. The company's earnings report is expected on November 2, 2023. The company is forecasted to report an EPS of $1.39, showcasing a 7.75% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $88.93 billion, indicating a 1.34% downward movement from the same quarter last year.
Investors should also pay attention to any latest changes in analyst estimates for Apple. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.39% downward. Apple presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Apple is presently being traded at a Forward P/E ratio of 26.36. This expresses a premium compared to the average Forward P/E of 11.78 of its industry.
It's also important to note that AAPL currently trades at a PEG ratio of 2.32. 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. The average PEG ratio for the Computer - Mini computers industry stood at 2.32 at the close of the market yesterday.
The Computer - Mini computers industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 54, putting it in the top 22% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.