Apple closed at $228.68 at the close of trading on Tuesday, up 0.4% in premarket trading, giving it a market capitalization of $3.507 trillion. Apple is the first company to close with a market capitalization of more than $3.5 trillion. It is the world’s largest company, with a market capitalization that exceeds that of Microsoft.
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Its market capitalization at Tuesday’s close was $3.415 trillion.
Tesla rose 0.3% to $263.14. If the gains hold, the electric-car maker’s shares will have risen for the 11th consecutive trading day. Tesla closed at $262.33 on Tuesday, its highest price since Oct. 11, 2023. Tesla shares have risen nearly 44% in their 10th consecutive trading day. They are up 5.6% this year.
Taiwan Semiconductor Manufacturing Co. said its June sales rose 33 percent and its second-quarter sales rose 40 percent to NT$673.5 billion, beating analysts’ expectations. The company is benefiting from the artificial intelligence boom. Shares of Taiwan Semiconductor, a major chip maker that supplies chips used by Apple Inc. and Nvidia Corp., have fallen 4.5 percent.
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It rose 1.9% in premarket trading.
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Super Micro Computer fell 1.3% to $883.95 in premarket trading. The server maker’s shares were downgraded to neutral from buy by Nomura Securities, which kept its price target at $930, according to Fly. Analysts see limited upside potential for the stock. Super Micro is up 215% this year.
3M fell 1.7% after the company said its chief financial officer, Monish Patrawalla, had resigned to “pursue other opportunities.” Patrawalla’s departure from the Scotch tape and Post-it note maker came after new CEO Bill Brown took over on May 1.
Aehr Test Systems, a maker of test systems for sensors and semiconductors, saw its shares rise 15% in premarket trading after the company said it expects fourth-quarter net income of about $23.8 million, including sales of about $16.6 million and tax benefits of about $20.8 million.
Smart Global Holdings
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The company reported a third-quarter profit, but revenue was down 13% year over year to $300.6 million. Smart Global now expects fourth-quarter revenue of $300 million to $350 million, beating analyst expectations of $325 million. Shares of the computing memory company rose 9.3%.
LegalZoom.com’s shares fell 27% after the company cut its full-year revenue outlook and free cash flow forecast and announced that Chief Executive Officer Dan Warnikoff was leaving the legal services company.
Kura Sushi’s shares fell 4.1 percent after the company reported a third-quarter per-share loss of 5 cents, down from a profit of 16 cents a year earlier and below analysts’ expectations of a profit of 1 cent.
WD-40 is scheduled to report earnings on Wednesday.
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PriceSmart
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and AZZ Inc.
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Contact Joe Woelfel at joseph.woelfel@barrons.com.
