Apple Stock Dinged by Lackluster iPhone Sales

AAPL call options are running at triple the average intraday amount

Patrick Martin

Managing Editor

Aug 4, 2023 at 11:33 AM

AAPL

While Wall Street cheers sector peer Amazon.com (AMZN) for its upbeat corporate report, Apple Inc (NASDAQ:AAPL) was last seen 3.1% lower to trade at $185.35. While fiscal third-quarter earnings and revenue topped estimates, iPhone sales fell short of estimates.

Four analysts hiked their price targets in response, the highest coming from Wedbush to $230 from $220. Rosenblatt zigged, downgrading the stock to "hold" from "buy," while D.A. Davidson trimmed its price target to $180 from $185.

Apple stock is on track for its fourth-straight loss, breaching long-term support at its 40-day moving average in the process. This could be the shares' only third weekly loss since May, and year-to-date AAPL remains up 42.9%.

At last check, 775,000 call options have changed hands, volume that's triple the average intraday amount. Weekly 8/4 190-strike calls are leading the charge, with the 187.50-strike call also seeing notable activity.

Follow @Schaeffers

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?