Apple (AAPL) Stock Moves -1.10%: What You Should Know

In the latest close session, Apple (AAPL) was down 1.1% at $295.95. This change was narrower than the S&P 500's daily loss of 1.22%. On the other hand, the Dow registered a loss of 0.98%, and the technology-centric Nasdaq decreased by 1.35%. The maker of iPhones, iPads and other products's stock has climbed by 0.09% in the past month, falling short of the Computer and Technology sector's gain of 1.19% and the S&P 500's gain of 1.56%.The investment community will be closely monitoring the performance of Apple in its forthcoming earnings report. The company is forecasted to report an EPS of $1.88, showcasing a 19.75% upward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $108.71 billion, showing a 15.6% escalation compared to the year-ago quarter. AAPL's full-year Zacks Consensus Estimates are calling for earnings of $8.75 per share and revenue of $478.1 billion. These results would represent year-over-year changes of +17.29% and +14.88%, respectively. It's also important for investors to be aware of any recent modifications to analyst estimates for Apple. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook. Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system. The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 0.03% rise in the Zacks Consensus EPS estimate. Apple presently features a Zacks Rank of #2 (Buy). In terms of valuation, Apple is currently trading at a Forward P/E ratio of 34.22. This valuation marks a premium compared to its industry average Forward P/E of 23.58. Also, we should mention that AAPL has a PEG ratio of 2.61. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Computer - Micro Computers industry stood at 2.46 at the close of the market yesterday. The Computer - Micro Computers industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 19, placing it within the top 8% of over 250 industries. The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. To follow AAPL in the coming trading sessions, be sure to utilize Zacks.com. Beyond Nvidia: AI's Second Wave Is HereThe AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.See Stocks Now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks