Apple (NASDAQ: AAPL) has been a leader in technology, innovation, and profitability. The company is expected to break new ground this year, with its share price hitting an all-time high, and it is from many analysts consider it one of the top stocks to buy now.
AAPL has now registered its longest winning streak since 2003 beating Nokia Oyj’s record. Nokia Oyj was world’s biggest cellphone maker when the iPhone had yet to come out.
Apple’s stock price has surged on investor expectations of strong results from Apple’s upcoming products and services in recent weeks. Apple is expected to post strong earnings this quarter and continue to grow its market share.
The company’s shares rose for 11 straight days, a rare event in its 41-year history. The stock’s market cap rose to $407 billion throughout that streak, roughly like Walmart Inc. Apple’s earnings projections are up 7.2% after a poor start to 2022. That’s a significant improvement over other shares in the Faang group, including big tech companies.
Investors are scratching their heads as the company hits the 10-year Treasury’s record of 2.5% rate proving its reputation as a leader in a volatile tech market.
Mirabaud Securities sales trader Jim Dixon attributed the impressive return to family investors. He said that it was extraordinary to see a company trading at more than 28x projected earnings in an environment of rising rates and supply chain/inflation issues.
Dixon says investors believe the stock is safe because it has low volatility unlike other stocks in the tech market. In addition, Apple won the top Hollywood award (Oscar) for CODA movie on Sunday, beating out streaming giant Netflix, which has been in the movie industry for a long time.
Apple plans to sell over $200 billion worth of products in 2022 alone, and the company is ready to reach a new milestone – it made the Forbes list the first $3 trillion company globally!
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