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PreMarket Prep Stock Of The Day: Apple

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PreMarket Prep Stock Of The Day: Apple

Benzinga's PreMarket Prep airs every morning from 8-9 a.m. ET. During that fast-paced, highly informative hour, traders and investors tune in to get the major news of the day, the catalysts behind those moves and the corresponding price action for the upcoming session.

On any given day, the show will cover at least 20 stocks determined by co-hosts Joel Elconin and Dennis Dick along with producer Spencer Israel.

On some occasions, a good earnings report doesn't translate into a rally for a stock. With that being said, Apple Inc. (NASDAQ: AAPL) is the PreMarket Prep Stock Of The Day.

Great Week Ahead Of The Report: Apple had one of its best weeks last week and the momentum carried over into Monday’s session. The issue ended the Jan. 15 session at $127.14 and ended last Friday’s session at $139.07.

The rally continued on Monday, taking Apple to a new all-time high at $145.09. It was unable to reach that level on Tuesday but did post its all-time closing high on that day at $143.06.

Double-Top And Some Profit-Taking: On Wednesday and Thursday, Apple put in a pair of highs ($144.30) and had a mild retreat. Considering the beating the S&P 500 index took on Wednesday, the retreat was minor in comparison. Whereas the index sank 2.6%, Apple was lower by only be less than 1%, falling from $143.16 to $142.06.

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What Is Not To Like? After the close on Wednesday, the company reported quarterly earnings of $1.68 per share, which beat the analyst consensus estimate of $1.41 by 19.15%. The company reported quarterly sales of $111.40 billion, which beat the analyst consensus estimate of $103.28 billion by 7.86%. Also, Mac, iPad, wearable devices and services all improved significantly over the same quarter last year.

Price Action: As expected off the stellar report, the issue caught a bid in the after-hours session. However, sellers emerged en masse when the issue was surpassing its all-time closing high ($143.16), when it peaked at $143.61 and reversed course.

It ended after-hours trading just off the low for the session ($136.50) at $137.43.

In the regular session as of 12:10 p.m. ET, the issue has traded in just over a $2 range ($138 to $140.34) and is lower by $2 at $140.06.

A full discussion on the issue from Thursday’s show can be found here:

 

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