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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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
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