Apple Derivative Trades Moving Higher
One of the best ways to play Apple's (NASDAQ: AAPL) quarterly earnings reports is to take positions in derivative stocks which feed into the Apple ecosystem. Amid traders' favorite stocks to play in the wake of AAPL's earnings are Cirrus Logic (NASDAQ: CRUS), Zagg, Inc. (NASDAQ: ZAGG) and Qualcomm (NASDAQ: QCOM). Cirrus Logic and Qualcomm are both Apple semiconductor suppliers, while Zagg makes protective cases for AAPL's devices. On Tuesday, all of these stocks are moving higher.
At last check, QCOM was up 1.55% to $62.82. CRUS had surged 9.71% to $22.82 and ZAGG had added 6.75% to $11.38 and was continuing to trend higher. Much of the activity in ZAGG shares on Tuesday is likely related to short covering. The stock has a very large short interest with nearly 45% of the float being sold short.
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