iPhone 11 Launch Aftermath: Apple Crosses $1 Trillion Cap Breezily Early In Day

iPhone 11 Pro Is the Most Popular Model in the U.S. Right Now

After the iPhone 11’s launch, Apple has crossed 1 trillion market capitalization easily. The company’s stock soared to its 52-week high price a day after the iPhones 11, iPad 7 and Apple Watch 5 were introduced last week. Taking an extensive look at what the three iPhone 11s have to offer shows that Apple has made only a handful of upgrades. These changes are overshadowed with a design language unable to shake off the iPhone X’s appearance. Apple has forsaken aesthsetic, and it has diverted these efforts to microprocessors.

In fact, Apple’s September iPhone event was the first in the smartphone’s history to highlight power management built right into its processor’s microarchitectural layout. The market, it seems is impressed by the changes on the iPhones as Apple has once again broken $1 trillion today. The company’s old rival Microsoft, buoyed by more shares outstanding, has been sitting at the trillion-dollar mark comfortably for the past three months.

iPhone 11 Launch Aftermath: Apple Crosses $1 Trillion In Market Capitalization Amidst 52-week Low Short Interest Percentage

After Apple became the first American company to become worth more than a trillion dollars in market capitalization last year, it hasn’t seen steady waters. The company’s shares traded at $207.39 during intraday trading on 2nd August 2018 allowing it to cross the trillion dollar mark. The share price then nosedived to $140.51 in January this year; a day after Apple’s CEO Tim Cook announced revised guidelines for 2019’s first fiscal quarter.

However, the market’s favorable reaction to last week’s event propelled Apple’s share price to $223.59 on Wednesday last week. At the same time, Apple’s market capitalization also crossed the $1 trillion mark and stayed there for two of the five succeeding working days. This strong price and capitalization performance takes place simultaneously with a six million decrease in the number of AAPL shares shorted. The shorting fell by 6 million shares the day after Apple’s event last week to its 52-week low of 39.52 million, and it’s stayed at this value since then.

Now, after half-an-hour of trading today, the company’s stock price hit $221.52 at 9:33 am, sending market capitalization to $1001.18 billion. The price then hit a high of $222 soon afterward, falling $5 short of the company’s 52-week high of $228. Apple’s share price as of now is just cents short of the $223 that it hit 48 hours after the iPhone 11 launch. It’s looking as if positive initial reviews of the smartphone hare impressed investors sufficiently to buy more shares. Or, it could very well be that the Cupertino tech giant is once again buying back shares to give the board more decisional power.

The last time Apple’s shorted shares fell below 40 million (to 39.9 million) was between February’s tail-end and March’s first week. Then, investors shorted 57 million additional shares by the end of trading on the 11th, before buying them back on the 26th. Apple’s share price increased by $10 during this time period.

Right now, analysts believe that delayed pre-order deliveries for the iPhones 11 mean that Apple is struggling to keep up with demand. If this is the case, then we hope that the company can rectify its operations to make timely deliveries. The iPhone hasn’t been performing well, with the lineup witnessing a 13% revenue decrease last quarter, and Apple wants to hedge its bets on services for now.

Will the company suceed? We’ll find out, that’s for sure. Until then stay tuned and let us know what you think in the comments section below. We’ll keep you updated on the latest.

The post iPhone 11 Launch Aftermath: Apple Crosses $1 Trillion Cap Breezily Early In Day by Ramish Zafar appeared first on Wccftech.



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