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.

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