Apple Inc. (AAPL) shares rose to a new all-time high on Tuesday as the tech giant revealed the launch date for its much-anticipated new iPhone lineup.
Apple’s annual product event, nicknamed “California Streaming,” will take place on Tuesday, September 14 at 10:00 a.m. Pacific time at its Cupertino, California headquarters.
Apple is anticipated to announce a new iPhone 13 series, as well as a new AppleWatch series 7, both of which will support a 5G connection.
In mid-day trading following the launch event, Apple shares rose 1.62 percent to $156.80 per share, bringing the stock’s year-to-date gain to about 18.25 percent. Earlier in the day, the stock touched an all-time high of $156.97.
Apple reported $84.1 billion in revenue for the June quarter, with a gross margin of 43 percent, as part of a record report that featured a 50 percent increase in iPhone sales and an all-time high in services revenues.
Apple expects “very high double-digit year-over-year sales growth” in the September quarter but cautioned that it will be slower than the 36 percent increase it saw in the three months ending in June, which boosted the tech giant’s top line to an eye-popping $81.4 billion.
According to Apple, supply limitations would certainly hurt both the iPhone and the iPad in terms of sales, as a worldwide semiconductor scarcity limits the company’s ability to fulfill “jaw-dropping” customer demand. According to Apple, the damage would cut a little more than $3 billion from September quarter revenues, which is somewhat more than the effect it predicted for the previous quarter.
The stock market rally continues
The Nasdaq and S&P 500 are barely off their all-time highs, while the Dow Jones Industrial Average is on the verge of slipping following small gains on Friday.
“Essentially, after big news on the previous Friday, when Federal Reserve Chairman Jerome Powell said a future tapering of monthly bond buys does not immediately spell interest rate hikes, the stock market spent the past week generally padding late-summer gains,” according to Friday’s The Big Picture column.
Dow Jones Today
Midday Tuesday, the Dow Jones Industrial Average fell 0.65%. The S&P 500 index fell 0.3 percent. In noon trading, the Nasdaq, which is heavily weighted in technology, was up 0.1 percent.
The Innovator IBD 50 (FFTY) gained ground among exchange-traded funds on Tuesday. Invesco QQQ Trust ETF (QQQ), a Nasdaq 100 tracker, gained less than 0.1 percent. In the meantime, the SPDR S&P 500 ETF (SPY) dropped 0.4 percent.