Apple sheds 0.89% within $173.86 to $176.3 daily range
- Trading volume totalled 60.23 million which equates to around 92% of the stock's 21-day average yesterday.
- Yesterday's 0.89% loss extends a 3 day bearish run in which Apple had already lost $3.58 from its share value.
- Apple discloses 24 cents per share dividend to be paid on Thursday, August 17th
Yesterday's closing bell ended a trading session in which Nasdaq stumbles 1.82% before ending the session at 13,224. S&P 500 dropped by 1.64% to close at 4,330. Dow Jones dropped by 1.08% to close at 34,070.
Apple was down yesterday while similar drops were seen throughout the Technology sector (down 0.633%).
Having set a significant high of $196.45 a month ago, the sleek smartphone manufacturer is trading 10.67% lower.
So far in 2023, it has been outperforming the Nasdaq by 28.44%.
Apple's market cap is currently $2.72 trillion
trading volume totalled 60.23 million which equates to around 92% of the stock's 21-day average yesterday.
$81.80 billion was Apple's last reported revenue with $1.26 being the current EPS.
Apple retains its 'Strong Buy' rating as of now.
Return on equity is at 163% and higher than competition average. When analyzing Apple's indicators, the one that pops out as most significant is the company's free cash flow (FCF). It has a solid 96.85 billion, which is above the competition and better than its trailing twelve-month average of 25.64 billion. FCF is the cash a company has available to use. FCF is different from net income in that it includes the expenses of capital goods and changes in working capital.
Overall, fundamental analysis shows that Apple is displaying improvement in comparison to the company's recent reports, boosting the company's overall fundamentals to slightly greater than industry average.
Apple could begin to recover as it approaches significant support, now 84 cents away from $173.09. Dipping below could be an indication that further losses are ahead. The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control. Apple's lower Bollinger Band® is at $169.57, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, bearish sentiment was sufficient to push prices below the known Fib level of $174 serving as intraday support.
Technical analysis shows that Apple (currently on a downtrend) might reverse course and start going up in the short term.
Apple disclosed a quarterly dividend of 24 cents per share on Thursday, August 3rd that was paid on Thursday, August 17th to all shareholders of record up until Monday, August 14th. Based on current prices, the company's decision thereby provides Apple investors with an annual dividend yield of 0.552%.
Apple was not the only decliner in the technology sector; Cisco Systems lost 3.89% yesterday and closed at $53.34. Adobe closed at $513.88 (down 4.09%). Intuit went down 3.67%, closed at $523.59. REGION: United States ASSET: Apple (AAPL) PREV. OPEN: $174.55 PREV. CLOSE: $173.93 PRE-MARKET: $174.14 TIME TO OPEN: 9 hours
