Apple Set To Beat Q3 Earnings Estimates With Strong Services Growth: Goldman Sachs
Portfolio Pulse from Michael Juliano
Goldman Sachs expects Apple Inc. (NASDAQ:AAPL) to beat Q3 earnings estimates, driven by strong services growth. The tech giant is predicted to exceed Wall Street consensus EPS by 3 cents and achieve $85.1 billion in revenue. Despite some downside risks, Goldman Sachs maintains a Buy rating on Apple. The decline in Apple shares also impacted related ETFs.
July 30, 2024 | 6:05 pm
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NEGATIVE IMPACT
Direxion Daily AAPL Bull 2X Shares (AAPU) fell 1.94% following a decline in Apple shares.
The decline in Apple shares directly impacted AAPU, causing a 1.94% drop. This ETF is closely tied to Apple's performance.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
T-Rex 2X Long Apple Daily Target ETF (AAPX) slipped 1.51% following a decline in Apple shares.
The decline in Apple shares directly impacted AAPX, causing a 1.51% drop. This ETF is closely tied to Apple's performance.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Fidelity MSCI Information Technology Index ETF (FTEC) declined 1.51% following a decline in Apple shares.
The decline in Apple shares impacted FTEC, causing a 1.51% drop. This ETF has exposure to Apple and other tech stocks.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 30
NEGATIVE IMPACT
IShares U.S. Technology ETF (IYW) lost 2.62% following a decline in Apple shares.
The decline in Apple shares impacted IYW, causing a 2.62% drop. This ETF has exposure to Apple and other tech stocks.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 30
NEGATIVE IMPACT
Vanguard Information Technology ETF (VGT) dropped 2.59% following a decline in Apple shares.
The decline in Apple shares impacted VGT, causing a 2.59% drop. This ETF has exposure to Apple and other tech stocks.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 30
POSITIVE IMPACT
Goldman Sachs expects Apple to beat Q3 earnings estimates, driven by strong services growth. The company is predicted to exceed EPS by 3 cents and achieve $85.1 billion in revenue. Despite some downside risks, Goldman maintains a Buy rating.
Goldman Sachs' positive outlook on Apple's Q3 earnings, driven by strong services growth, is likely to boost investor confidence. The Buy rating further supports a positive short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100