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Apple (AAPL) stock rallied from $393 to $415 after the open on Wednesday. Apple (AAPL) reported an earnings and revenue beat but slashed guidance. However, the company announced a $60 billion stock repurchase program and increased the dividend by 15%. This put a floor on the stock around $360-$370 which could easily overshoot to $350.
Apple (AAPL) expects to release new products this fall as well as during all of 2014. Analysts are finally cutting their sky high earnings estimates in addition to their price targets. Good signs for a recovery to start!
Now back to the stock, watch $419-$420 on the upside as resistance, watch $393 and $385 to the downside. Apple (AAPL) remains a strong buy below $400 per share....sell into rallies or hold for a rebound to $500-$600 in the next 12 months.
Also see - Top Stocks 2013 - Top Stock Gainers 2013
