After quickly recovering from a pre-market slump, shares of Apple (NASDAQ:AAPL) touched a new intraday trading high on Tuesday. Ahead of what should prove to be a pivotal stretch in the company’s history, investors are clearly confident in Apple’s ability to deliver.
Apple shares opened about 0.85% lower today, but the stock was back in the green before morning trading hours were over. Around noon, shares touched an intraday peak of $162.96, a new all-time high.
The move higher comes as anticipation for the release of the company’s new iPhone is starting to reach a breaking point. According to the latest set of rumors, Apple will host its product announcement event on September 12 (also read: Will Apple Unveil iPhone 8 at its September Event?).
Apple typically holds an event sometime in September, and products are typically available as early as the next week. Of course, the iPhone 8 promises to be a massive device for Apple. The company is celebrating the tenth anniversary of its flagship smartphone, and investors have been looking forward to its release for the better part of 2017.
With today’s gains, Apple’s stock is now up nearly 38% year-to-date. The assumption that the iPhone 8 will be a homerun as inspired most of this bullish trading, but a new smartphone isn’t the only thing investors have been looking forward to this year.
Another major rollout on the horizon is an update to the company’s Apple TV device. A 4K-compatible version of the video streaming device is also expected to be announced at the September 12 event, and Apple is reportedly scrambling to sign deals with Hollywood studios for high-definition films in time for the unveiling.
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On top of this, Apple also recently hired two former Sony (NYSE:SNE) executives to lead its content team for Apple Music. According to reports, Apple is prepared to give this team a $1 billion budget for original TV shows and movies in 2018 (also read: Apple's Investment in Original Content to Boost Services).
In its most recent quarter, Apple posted earnings of $1.67 per share, beating the Zacks Consensus Estimate of $1.57. Part of the reason for this impressive beat was Apple’s remarkable growth in its Service division. Revenue in the company’s Services unit—which includes AppleCare, Apple Pay, and Apple Music—reached $7.3 billion, a quarterly record and up 22% from the year-ago quarter.
As for now, Apple remains a Zacks Rank #3 (Hold).
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