Apple At All-Time Highs Ahead of Today’s Earnings

Apple (AAPL) is set to report earnings in today’s postmarket session, as shares hit fresh all-time highs of 271.41 yesterday. But despite a +59% rally off the April tariff news lows, Apple is a notable laggard among its megacap peers. The tech giant is not only underperforming the S&P 500 during the past year (17.2% vs. 18.5%) but also has the dubious distinction of being the worst performer of the celebrated Magnificent 7 stocks during that same period. 

Consensus estimates for Apple’s earnings per share come in at $1.73 EPS vs. $1.64 one year ago (+5.5%), while the Street is looking for $101.2B in revenue against $94.93B last year (+6.6%). Meanwhile, the options market suggests a potential expected move of around +/-9.47 (3.5%) for tomorrow’s Oct. 31 expiration. 

The iPhone maker also got a notable price target bump from Bank of America yesterday, with analysts raising their number to $270 from $220 and maintaining their buy rating. The note said they expect higher iPhone shipments and that the company will generate more cash from them due to Apple Intelligence and other new launches and services.

The technical picture shows price traveling upward in a channel shape since its last earnings event in July. Momentum remains high even headings into earnings, with the RSI just on the verge of crossing above the overbought level of 70. Price also continues to stay well above its common moving averages, with the 21-day Exponential Moving Average being one of the closest to current levels just below 258.

Notable downside horizontal levels to watch include: 265 (recent highs & lows after this week’s gap to the upside), 259 (old high close from December, recent resistance ceiling and subsequent support after upside breakout), and 250 (stopping point for price several times during past year). To the upside, the +3 yearly Standard Deviation Channel comes in around 285 for potential resistance.

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.