24/7 Insights
- Apple’s stock is likely to move sideways until the launch of the new iPhone in September.
Apple Inc. (NASDAQ: AAPL) stock will likely trade flat over the next 70 days unless earnings get in the way. It is between one set of announcements last month, mainly about artificial intelligence (AI), and the launch of the new iPhone in September. Earnings come out on August 1.
Apple has little to say of merit to investors. It will not release any products in the next two and a half months. What about earnings? The most recent quarterly results gave the stock a bump. But that is over. Shares are still underperforming the market this year, up 9% against 19% for the Nasdaq. In June, out of 43 analysts, 19 had Buy ratings, while 13 rated the stock at Hold and 10 had it as a Strong Buy. That probably means lackluster numbers with iPhone sales off some from last year, a strong Services segment number, and trouble in China.
Development day on June 10 is when Apple rolled out its AI plans. They were vague enough that the stock did not sell down. In all fairness, it did rise about 4%. That is not a wild endorsement though.
The iPhone 16 is what will move Apple’s stock sharply one way or another. Either it will have extraordinary AI features, or it will have little to offer but a new camera or better processor.
Apple’s stock is likely to move sideways until September.
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