Apple trades about $400 for the first time after strong earnings
Despite a quarter disrupted by a pandemic Apple has managed to achieve yet another set of strong results in Q3.
The salient features of the Apple Q3 2020 results are as follows:
- Quarterly revenue $59.7 billion, up 11% from the prior year’s comparative reporting period
- Earnings per diluted share of $2.58, up 18% from the prior year’s comparative period
- $16.3bn in operating cash flow was generated in the quarter
The group has managed to achieve double digit growth in both the product and services category, with international sales for the group now accounting for 60% of total group sales.
Apple Inc’s Board of Directors have approved a four-for-one stock split in an attempt to make the shares more accessible to a wider range of investors.
Details of the stock split are as follows:
- Last day to trade to be eligible for the share split is the 24th of August 2020
- Shareholders will receive an additional three shares for every share held on the record date (20 August)
- Trading will begin on a split-adjusted basis as of the 31st of August 2020
Apple: technical analysis
The below technical analysis view on Apple Inc. forecasts up until the share split on the 24th of August 2020. Thereafter the analysis would be considered to no longer hold relevance.
The share price of Apple remains in a firm upward trend as indicated by the 20 (red), 50 (green) and 200 (blue) simple moving averages. In the short term we have seen a pullback to a low of 355.15, before a sharp intraday price reversal. The intraday reversal highlights that the short-term uptrend is now resuming in line with the longer-term uptrend. The recent high at 398.15 becomes the initial upside target from the move, a break of which (confirmed with a close) suggests 425 as a further upside resistance target. Only on a close below the low at 355.15 would we reassess the upward trend bias for the share price of Apple Inc.
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