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Sri Lanka Equity Forum » Stock Market Talk » Apple hits all time highs, Dow eyes 22,000, Asia Hopes to Benefit too

Apple hits all time highs, Dow eyes 22,000, Asia Hopes to Benefit too

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DS Wijesinghe


Manager - Equity Analytics
Manager - Equity Analytics
LONDON (Reuters) - Asian technology stocks hit 17-year peaks and Wall Street's Dow index looked set to break 22,000 points later on Wednesday, as blockbuster earnings from Apple (AAPL.O) rippled out to component makers globally.

Shares in the world's most valuable company surged 6 percent after-hours to a record of more than $159 each, taking its market capitalization above $830 billion.

That should help carry the Dow through the 22,000 mark when trading resumes in New York. E-Mini futures for the Dow YMc1 were up 0.2 percent despite a lower Europe as disappointing results from Societe Generale and Commerzbank weighed on the bank stocks. [.EU]

Apple reported better-than-expected iPhone sales, revenue and earnings per share and signaled its upcoming 10th-anniversary phone is on schedule.

It helped dispel one of the few nagging doubts of the corporate earnings season so far -- that Amazon’s lackluster results last week might have revealed some tiredness among the giant U.S. tech and internet stocks that have been driving the stock market rally all year.

"It is all about Apple," said Naeem Aslam chief market analyst at Think Markets. "The firm comfortably topped its forecast and produced stellar numbers for its revenue and profit."

Among Asia's Apple suppliers, LG Innnotek (011070.KS) jumped 10 percent and SK Hynix (000660.KS), the world's second-biggest memory chip maker, rose 3.8 percent.

Murata Manufacturing (6981.T) firmed 4.9 percent and Taiyo Yuden (6976.T) 4.4 percent, helping Tokyo's Nikkei .N225 up 0.47 percent.

The MSCI tech index for Asia .MIAS0IT00PUS also climbed 0.9 percent to ground not trod since early 2000, bringing its gains for the year to a heady 40 percent.

Those gains balanced losses in basic materials and energy to leave MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS steady near its highest since late 2007.

There was a note of caution over reports that U.S. President Donald Trump was close to a decision on how to respond to what he considers China's unfair trade practices.

Tepid U.S. inflation along with political turmoil in Washington has lessened the possibility of another Federal Reserve rate hike this year, lowering bond yields across the globe.

Improving data in other major economies has also served to push the greenback down nearly 11 percent from January peaks, benefiting commodities and emerging markets.

A swathe of manufacturing surveys (PMIs) out on Tuesday had underlined how the improvement in activity had broadened out from the United States to Asia and Europe.

Teller

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Moderator
Samsung failure made apple to sky high

DS Wijesinghe


Manager - Equity Analytics
Manager - Equity Analytics
Probably that is one reason Teller.

Apple is No. 1 brand in the world and its very difficult to get users to switch to any other brand. Consumers will own iMAC, iPhone, iPad. Next we will see their Television

Warren Buffett and his insurance company Berkshire Hathway started investing in Apple in early 2016 at a time when the Appple stock was somewhat stagnated. Today he owns 2.5% of Apple and he is looking at its great future earning potential.

Buffett who relies upon shareholder interest driven sound management and places utmost importance on the CEO before he invest in anything has full confidence in Apple CEO Tim Cook to take the company to next levels

Teller

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Moderator
Yes, apple has a regular customer base..

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