Apple AAPL shares rallied 3.1% in the last trading session to close at $283.78. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 12% loss over the past four weeks.
Apple is benefiting from strong demand for the iPhone 17 lineup and record Services revenue, supported by a growing installed base across major categories. New products such as iPhone 17e and MacBook Neo, plus Apple Business, can expand ecosystem engagement over time.
This maker of iPhones, iPads and other products is expected to post quarterly earnings of $1.88 per share in its upcoming report, which represents a year-over-year change of +19.8%. Revenues are expected to be $108.71 billion, up 15.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Apple, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AAPL going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Apple is part of the Zacks Computer - Micro Computers industry. One Stop Systems, Inc. OSS, another stock in the same industry, closed the last trading session 0.2% higher at $16.24. OSS has returned -9.6% in the past month.
For One Stop Systems, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. This represents a change of +57.1% from what the company reported a year ago. One Stop Systems currently has a Zacks Rank of #4 (Sell).
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
