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These 3 Stocks Are Tied To Apple's Performance

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These 3 Stocks Are Tied To Apple's Performance

There is little doubt that Apple Inc. (NASDAQ: AAPL) and its stock are in a trading rut, having ended Monday's session in the red for the eighth straight day.

"America's one-time favorite stock is perhaps long overdue for a comeback," CNBC's Dom Chu said on CNBC Pro. "If there is a rebound, not just shares of Apple will benefit."

Chu continued that certain technology stocks have their "fate tied to Apple and will rally as well." Using historical data, Chu examined what happened when shares of Apple rose 5 percent in one month over the course of the last five years.

Related Link: Gene Munster And Andy Cunningham Talk Apple's Stock

Chu noted that when Apple's stock gained 5 percent, shares of Skyworks Solutions Inc (NASDAQ: SWKS) rose on average 7.79 percent. Shares of NXP Semiconductors NV (NASDAQ: NXPI) rose on average 6.20 percent, while shares of NVIDIA Corporation (NASDAQ: NVDA) gained an average of 5.57 percent.

All three companies are component manufacturers that make up key roles in Apple's supply chain.

"If you think the pain for Apple is over, these stocks could be a winning trade," Chu concluded.

Shares of Apple were trading higher by more than 2 percent Tuesday afternoon.

Posted-In: Apple Component Suppliers Apple stockAnalyst Color Long Ideas Movers Tech Media Trading Ideas

 

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