Apple Hits New All-Time High, But Why?
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Apple Inc. (NASDAQ: AAPL) shares are trading higher by $0.56 at $127.64 in Tuesday's session. There are a few different catalysts for the rally.
First of all, a report surfaced from JP Morgan analyst Rod Hall that speculated Apple Pay may be available for many government transactions within the Federal Government as soon as September.
In another report, this one by Citigroup analyst Jim Suva, it was speculated that the company may be be assessing the auto industry in a "much greater matter" than Apple CarPlay.
Finally, the Wall Street Journal reported that Apple is attempting to ramp up production of Apple Watch models during the quarter ahead of the product's release in April.
The issue has rallied nearly $20.00 since bottoming at $109.03 on January 27. Since making a new all-time high earlier in the session at $128.88, Apple has pulled back to the mid $127.00 handle.
The stock has posted a new all-time high in its last four trading sessions and would need to close above $127.08 to make it five in a row.
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