{"id":18617,"date":"2023-06-05T22:05:08","date_gmt":"2023-06-06T02:05:08","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/apple-stock-falls-short-of-record-close-turning-lower-after-wwdc\/"},"modified":"2023-06-05T22:05:09","modified_gmt":"2023-06-06T02:05:09","slug":"apple-stock-falls-short-of-record-close-turning-lower-after-wwdc","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18617","title":{"rendered":"Apple stock falls short of record close, turning lower after WWDC"},"content":{"rendered":"
\n

Apple Inc. shares traded at record intraday levels Monday but failed to close at an all-time high despite being on track to do so for much of the session. <\/p>\n

Shares of Apple
\n AAPL,
\n -0.76%<\/bg-quote>
\n closed Monday at $179.58, down 0.8% after the smartphone giant wrapped up its WWDC developer keynote. The stock needs to finish above the $182.01 closing level it achieved on Jan. 3, 2022, in order to record a new all-time closing high.\u00a0<\/p>\n

\n

It traded as high as $184.95 Monday, surpassing the record intraday level of $182.94, which was set on Jan. 4, 2022, according to Dow Jones Market Data.<\/p>\n

The smartphone giant has weathered a lot since it last posted a record close, enduring supply-related challenges related to the pandemic and spending pressures that are affecting its customer base.\u00a0But Wall Street seems reasonably comfortable with Apple\u2019s ability to thrive in an era of tightened consumer budgets, with one analyst musing after the company\u2019s last earnings report that iPhones costing $1,000 or more have become a glorified essential purchase.<\/p>\n

Then there\u2019s the next chapter of Apple\u2019s story. The company previewed a mixed-reality headset at its WWDC developer event Monday, though it seemed to surprise investors with the price tag and the timetable: The new Vision Pro will cost $3,499, above expectations for roughly $3,000, and come out in early 2024, not later this year. <\/p>\n

See more: The $3,499 Vision Pro headset, iOS 17, and everything else Apple just announced at WWDC<\/strong><\/p>\n

With the Vision Pro announcement, Apple is taking a stab at a category that has thus far failed to catch on in any mainstream way.\u00a0<\/p>\n

It\u2019s been a strong year for Big Tech names generally. Apple\u2019s stock is up 38% so far in 2023, while shares of Microsoft Corp.
\n MSFT,
\n +0.16%<\/bg-quote>
\n have advanced 40%, shares of Alphabet Inc.
\n GOOG,
\n +1.12%<\/bg-quote><\/p>\n

GOOGL,
\n +1.07%<\/bg-quote>
\n have risen 43%, shares of Amazon.com Inc.
\n AMZN,
\n +0.85%<\/bg-quote>
\n have gained 49% and shares of Meta Platforms Inc.
\n META,
\n -0.45%<\/bg-quote>
\n have surged more than 125%. The S&P 500
\n SPX,
\n -0.20%<\/bg-quote>
\n is up only 12% on the year.<\/p>\n

Read: Why Meta\u2019s stock is still \u2018highly attractive\u2019 after a 125% surge this year, according to one bull<\/strong><\/p>\n

Bernstein analyst Toni Sacconaghi wrote in a recent note to clients that Apple \u201cis entering its seasonally strong trading time of the year.\u201d<\/p>\n

He continued: \u201cWhile Apple\u2019s valuation looks relatively fairly valued vs. both consumer and tech companies, we see a path\/precedent for the stock to grind higher.\u201d He noted that fiscal 2023 estimates look safe and that the company is gearing up for its headset debut. He rates the stock at market perform.<\/p>\n

Evercore ISI analyst Amid Daryanani, meanwhile, boosted his price target on Apple\u2019s stock to $210 from $190 over the weekend, cheering three emerging areas for the company that could evolve into $10 billion-plus revenue businesses over the next few years.<\/p>\n

See more: <\/strong>Apple could be cooking up 3 more $10 billion-plus businesses, one analyst says<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Apple Inc. shares traded at record intraday levels Monday but failed to close at an all-time high despite being on track to do so for much of the session. Shares of Apple AAPL, -0.76% closed Monday at $179.58, down 0.8% after the smartphone giant wrapped up its WWDC developer keynote. The stock needs to finish […]<\/p>\n","protected":false},"author":1,"featured_media":18618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-18617","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nApple stock falls short of record close, turning lower after WWDC | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Apple Inc. shares traded at record intraday levels Monday but failed to close at an all-time high despite being on track to do so for much of the session.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=18617\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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