Even as losses accelerate for almost all stocks as we head into the close today–the Standard & Poor’s 500, which was down 1.31% at 2:30 In New York had moved to a loss of 1.74% as of 3:30–shares of Apple (AAPL) continue to hang onto the green.
At 3:30 the stock was up 2.13%, a slightly retreat from the 2.82% gain at 2:30, but still solidly in the green.
The shares have moved up today on a report from MacRumors that the company is planning on releasing the third-generation iPhone SE within the first quarter of the coming year. As of now, it seems that the latest addition to the smartphone family will be available by the end of March, pending no further delays. That could result in some sales making it into the March quarter results.
In other words we’re looking at gains today on speculation of a boost to March quarter sales.
The stock is now up more than 10% for November.
I think the stock might actually be up less if the rest of the market–including Apple’s BIG TECH peers–wasn’t so solidly in the red. Any investor looking for something that might be able to fight the double whammy of tightening hints from the Federal Reserve and fears of the new Omicron Variant would certainly consider throwing a few bucks in Apple’s direction today.
What are the alternatives?
(I added Apple shares to my Jubak Picks and Volatility portfolios on November 23. The shares are up 1.98% as of 3:30 p.m today since then. I’d note that this buy was made as a trade with a relatively tight target price of $179. The stock was trading at $163.65 at 3:30 today.)