Trading Strategies For Apple Stock Heading Into Q3 Earnings
Portfolio Pulse from Melanie Schaffer
Apple Inc (AAPL) is set to release its Q3 financial results after the market closes on Thursday. The stock was trading lower ahead of the event. In Q2, Apple reported EPS of $1.52 on revenue of $94.8 billion, beating estimates. For Q3, analysts estimate EPS of $1.09 on revenues of $74.24 billion. JP Morgan analyst Samik Chatterjee maintained an Overweight rating on the stock and raised the price target from $190 to $235. From a technical analysis perspective, Apple's stock looks neutral heading into the event.
August 04, 2023 | 2:16 pm
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NEUTRAL IMPACT
Apple's Q3 earnings release is expected. The stock is trading lower ahead of the event. JP Morgan analyst maintains an Overweight rating and raises the price target to $235.
The anticipation of Apple's Q3 earnings release is causing some uncertainty in the market, leading to a lower trading price. However, the Overweight rating and increased price target from JP Morgan suggest a positive outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Traders wishing to play the potential volatility in the stock market can use MIAX's SPIKES Volatility products, which track expected volatility in the SPY over the next 30 days.
The mention of SPIKES Volatility products suggests that traders may use these to hedge against potential volatility in the stock market, particularly in relation to Apple's upcoming earnings release.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50