Apple notches record close as bulls continue to cheer the stock
Justin Sullivan
Apple (NASDAQ:AAPL) ended 1.6% higher to settle at $183.79 on Monday, its highest ever close, as bulls continue to cheer Big Tech. However, the stock pared some gains before the bell on Tuesday after a UBS downgrade on weak demand and unfavorable risk/reward.
To note, the stock already hit an intraday record high of $184.95 on June 5 ahead of Apple's (AAPL) Worldwide Developers Conference. Apple (AAPL) has also been a favorite despite the broader bear market, given the iPhone maker's robust balance sheet, buybacks and solid revenue streams. Shares gained 47% YTD, outperforming the S&P 500 index.
Last week's conference saw Apple's (AAPL) biggest product launch of the year, its Vision Pro headset. It also announced other updated hardware and software, including more powerful in-house processors and a larger MacBook Air portable.
D.A. Davidson lauded the headset, but said any good news from it is already reflected in the share price.
SA contributor Michael McGrath believes there won't be any serious competition for the Vision Pro for a long time. "Most likely, no other companies are putting billions into spatial computing like this."
But Investing Group leader JR Research said Vision Pro is unlikely to replace the iPhone, Apple's (AAPL) primary revenue driver, or the Mac. "I'm skeptical whether projections emulating the success of the Apple Watch are realistic at this point."
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