The stock took off on Friday and never looked back.Sentiment increases significantly due to positive response apple (AAPL)’s quarterly earnings report and employment statistics where bad news is good news.
The excitement started late Thursday when Apple reported better-than-expected profits and revenue for its fiscal second quarter. The iPhone maker also announced a record $110 billion Stock buyback We strengthened our program and achieved dividend increases for 12 consecutive years.
“These results change the narrative for the AAPL story as China is holding up better than expected and there are upcoming events and catalysts on the horizon that could improve investor sentiment and lift consensus expectations. “We believe that it is,” he said. CFRA investigation Analyst Angelo Gino maintained his rating on Apple as a “buy” even after the earnings results.
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One of those events will be held by Apple next Tuesday, May 7th. A new iPad is expected to be announced For the first time in two years.
Amgen backlash after financial results and weight loss drug news
Apple shares rose 6.0% following the results, but it was far from its all-time high. dow jones stocks today.Rather, the title amgen (AMGN) soared 11.8% following the earnings report.
The company reported earnings of $3.96 per share on revenue of $7.45 billion, which beat analysts’ expectations. Also noteworthy was the news that Amgen is halting development of a weight-loss drug and instead preparing a Phase III study of an injectable obesity drug called Maritide. Amgen executives said Phase 2 data on the weight loss drug was encouraging and expected to be released later this year.
“We understand that there is still a lot of work left to do (complete data on Phase II, start of Phase III, etc.), but the reality is that AMGN probably has a ‘monthly’ drug on hand and that The amount could be anywhere from $5 billion to more than $10 billion for future players. jeffries Analyst Michael Yee (buy). “This should prompt a re-rating of the stock, as the stock remains highly undervalued.”
Employment data shows wage growth is slowing
On the economic front, investors were busy analyzing the economic situation. April employment report.data from Bureau of Labor Statistics The U.S. added 175,000 new jobs in April, the smallest increase in six months. The unemployment rate rose from 3.8% to 3.9%, and the average hourly wage was 3.8%. inflation – Increased by 3.9% compared to the same month last year, and increased by 4.1% in March.
“In an environment where markets are concerned about inflation, the weak employment report, with unemployment rising (slightly), wage growth below expectations, and job creation slowing, suggests that inflationary pressures from wages are “This shows that the situation is easing.” Chris ZaccarelliChief Investment Officer of the Independent Advisor Alliance.
Following Federal Reserve Chairman Jerome Powell’s press conference this week, he said: Further interest rate hikes are unlikely“As long as the Fed maintains its easing bias, markets will return to risk-on mode,” Zaccarelli added.
Indeed, at the end Dow Jones Industrial Average was 38,675, an increase of 1.2%. S&P500 was 1.3% higher at 5,127. Nasdaq Composite The number of cases increased by 2.0% to 16,156.
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