AAPL

Apple Inc.

141.66
USD
2.45%
141.66
USD
2.45%
129.04 182.94
52 weeks
52 weeks

Mkt Cap 2.32T

Shares Out 16.41B

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Why Apple Escaped Tuesday's Tech Stock Meltdown

What happened Long-suffering tech stock investors had to endure yet another painful trading session on Tuesday. Apple (NASDAQ: AAPL) shareholders saw their company lose nearly 2% of its value. That performance was relatively good on a day when a profit warning from Snap resulted in the social media stock's worst trading day ever, crumbling by 43% and dragging many other tech titles deep into the red along with it. So what Limiting the damage to Apple was a glowing research note from Bank of America. The big lender's analyst Wamsi Mohan reiterated his buy rating on the star tech stock, and his $200 price target. Mohan believes that the company has several strong tailwinds, including growth in user count and App Store revenue improvement. The analyst was particularly encouraged by developments with the App Store. Revenue for the mobile marketplace rose a robust 7% year over year in the January-through-April period of 2022. Much of this comes from the Chinese market, which is apparently home to a great many eager Apple users in search of something good to play. Mohan cited data indicating that gaming apps alone have seen growth of 13% to date in the company's current quarter. Now what The analyst explained in his note that the "Chinese government lifted its nine-month new gaming licensing ban, approving 45 titles." Therefore, he concluded, "Given the slightly favorable stance from regulators and ongoing lockdowns in China, we potentially see upside to the China App Store growth in [the fiscal second half of 2022]." 10 stocks we like better than Apple When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Apple wasn't one of them! That's right -- they think these 10 stocks are even better buys. *Stock Advisor returns as of April 27, 2022 Bank of America is an advertising partner of The Ascent, a Motley Fool company. Eric Volkman has positions in Apple. The Motley Fool has positions in and recommends Apple. The Motley Fool recommends the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

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