What you need to know
- Apple shares just matched a 12-year performance record.
- AAPL closed at $175.60 on Monday, its tenth consecutive daily price increase.
- That's the longest winning streak for the stock since 2010.
Apple shares closed at $175.60 on Monday, marking 10 days of consecutive price increases and the stock's longest winning streak since 2010.
As noted by MarketWatch, AAPL closed on Monday up 0.5%, marking 10 days of consecutive gains in trading sessions. The last time this happened was in October 2010.
Monday's gains were a hard-fought victory, following grim reports that Apple was slashing production of its new iPhone SE. According to multiple reports, Apple is cutting production by some 20% because of the war in Ukraine and looming inflation, which has dented consumer interest in the company's best iPhone for budget users. Insider Ming-Chi Kuo stated Monday he had adjusted his iPhone shipment estimate for 2022 down sharply to 15-20M (vs. 25-30M previously).
Despite these reports, Apple did manage to sneak in its tenth day of growth, however, there are signs the stock's recent surge is leveling off.
The stock reached record heights of some $182 in price right at the start of 2022 but has been on a bit of a rollercoaster since then, falling sharply in the month of January before bouncing back, and then falling more steadily to its lowest price since November, $150 on March 14. 10 days of trading later, it now sits at $175.
Bottom line: For what it's worth, the iPhone SE (2022) is a fantastic value if you're willing to make some sacrifices in features.
