Apple Stock Surges on Record Revenue

AAPL is brushing off a handful of bear notes

Digital Content Manager
Oct 28, 2022 at 10:41 AM
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Apple Inc (NASDAQ:AAPL) is up 6.6% to trade at $154.32 this morning, after the tech giant yesterday reported better-than-expected fourth-quarter earnings of $1.29 per share, and a revenue win of $90.15 million. Apple also saw its best revenue on record between July and September. However, iPhone sales missed analysts' projections, with the company also noting that revenue growth could slip below 8% over the next three-month period.

No fewer than six analysts have already slashed their price targets on APPL, with the worst adjustment coming from D.A. Davidson to $165 from $185. Meanwhile, Barclays raised its price objective by $1 to $156. The brokerage bunch is still bullish on the tech stock, though, with 16 of 19 in question calling it a "buy" or better. 

Apple stock is eyeing its highest settlement today since Sept. 21, as well as the first close above its 50-day moving average in more than one month. Year-to-date, though, AAPL still carries a 14.1% deficit.

In just the first hour of trading, 413,000 calls and 407,000 puts have been exchanged thus far, volume that's double the average intraday volume. The most popular contract by far is the 10/28 152.50-strike call, with positions being opened there. This means these traders expect additional upside for AAPL by the close, when the contracts expire. 

It's also worth noting AAPL's Schaeffer's Volatility Scorecard (SVS) sits at 91 out of 100. This means the stock has exceeded option traders' volatility expectations during the last year.



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