Shares of Apple Inc. (NASDAQ:AAPL) traded to an all-time high during Monday’s trading session following market expectations of the company’s earnings and performance being boosted by the Republican Senate’s tax reform bill along with the possibility of it being implemented later this week.
Strong Investor Sentiment
Analysts have also noted the bullish run of tech stocks particularly the tech-heavy Nasdaq Composite index which crossed the 7,000 level for the first time recently.
Apple shares are also trading higher over the past couple of sessions following reports of strong sales and earnings from the company’s recently released iPhone 8 and 8 Plus as well as the premium iPhone X unit. Reports have revealed that over 70 million Apple users were monitored by independent research groups where each uses a specific number of iPhones.
For the second quarter of the year, investor sentiments regarding Apple shares have increased by 0.68% which is up from the 0.64% sentiment from the first quarter of 2017.
High Demand For iPhone X
Apple shares have been mostly up since the end of November following countless reports of a growing demand for the iPhone X despite the previously weak sentiments regarding the demand for the iPhone 8 and 8 Plus as the markets awaited the release of the iPhone X.
Despite these investor concerns, Apple was projected to grow further shortly after a couple of reports on the growing number of people looking to purchase the iPhone X which is Apple’s most expensive iPhone yet being sold at a starting price of $1,000.
Last month, Apple posted a bright earnings outlook that pushed its shares to trade up by 3.31%. For the fourth fiscal quarter, Apple posted earnings of $2.07 per share beating most analysts estimates of $1.87 per share while its revenue came in at $52.6 billion for the quarter compared to most earnings expectations of $50.7 billion.
Short-Lived Rally
Despite recording a new all-time high rising by 1.41% during Monday’s trading session, Apple shares declined by the pre-market trading on Tuesday as the company was given a buy rating from neutral from analysts for the reason of the high valuation of the company compared to the previous cycle of the iPhone. However, most are still seeing a growth in the coming quarters with the company remaining to be one of the best-performing stocks of the year.