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| Apple, Shanghai: sales were unexpectedly strong in China |
A scant two months ago I sold Apple (AAPL) at $255. It had already had a marvelous bull run in 2019 (it was at $142.19 on 1/3/2019). Today AAPL closed at $293.65.The January 28th close was $317.69. In less than a month the stock has risen by another $24, or 8.2%. In December I said that I wasn't disappointed that I had sold early, because I still hold AAPL, and the pigs never win, yadda yadda yadda.
At $317.69, however, measured against the sale price of $255, a little seller's remorse has crept in. Repeating another Wall Street mantra provides a smidgeon of comfort: "You never go broke taking a profit."
Apple should surge even higher tomorrow. After today's close it reported that its quarterly revenue and earnings outstripped expectations.
The tech giant reported revenue rose 9% in the December quarter to $91.82 billion, driven by blossoming sales of devices and services connected to the iPhone such as smartwatches and streaming-TV subscriptions. Sales of iPhones, which account for more than half of its revenue, rose 8% to $55.96 billion.Apple's riding high, but a little over a year ago it looked like its time had passed. The tariff war in China had just begun, with only the severity of effects on sales and production unknown. Additionally, the worldwide smartphone market was purportedly mature, and Apple was mostly an iPhone company with the most expensive model and little else to sell.
Shares of Apple, which have more than doubled over the past year, rose 1.5% in after-hours trading.
Then the company was withering, now it's blossomed. There's universal excitement about the rollout of 5G later this year, the burgeoning market for services like credit cards, streaming TV, and cloud backup, and the unexpectedly robust popularity of wearables like the Apple Watch and AirPods.
I'm thinking of selling more shares..
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| AAPL's 2020 year-to-date performance is at least triple that of the major indexes. |
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