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    AAPL   US0378331005

APPLE INC.

(AAPL)
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S&P 500 closes at record high as Apple, healthcare stocks help shrug off Delta worries

08/03/2021 | 04:52pm EDT
FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City

NEW YORK (Reuters) - The S&P 500 index closed at record high on Tuesday on gains in Apple and healthcare stocks, despite concerns over a surge in the Delta variant of the coronavirus taking some shine off an upbeat corporate earnings season.

Ten of the 11 S&P indexes traded higher, with energy stocks rebounding after getting hit by a dip in oil prices.

"Even though the pandemic is still with us in certain places where there are pockets of this and that, the broad shutdowns of economies are not going to happen. And I think it demonstrates that consumption patterns are super strong, which is the underlying factor that really keeps markets up," said Jamie Cox, managing partner at Harris Financial Group in Richmond, Virginia.

Apple Inc rose 1.26% after sliding last week. Other heavyweight technology stocks, including Netflix Inc, Tesla Inc and Facebook Inc, continued to edge lower, capping gains on the tech-heavy Nasdaq.

A clutch of U.S. companies, including industrial materials maker Dupont and Discovery Inc, reported better-than-expected quarterly results, but their shares fell as investors booked profits amid lofty stock valuations.

A deepening regulatory scrutiny in China has sent jitters through the global technology sector.

Shares in U.S.- and European-listed gaming companies fell after a steep sell-off in China's social media and video games group Tencent, driven by fears the sector could be next in regulators' crosshairs.

"Grand Theft Auto" creator Take-Two Interactive Software Inc plunged 7.71% after it issued a disappointing sales forecast.

The Dow Jones Industrial Average rose 278.24 points, or 0.8%, to 35,116.4, the S&P 500 gained 35.99 points, or 0.82%, to 4,423.15 and the Nasdaq Composite added 80.23 points, or 0.55%, to 14,761.30.

The S&P 500's previous record closing high was 4,422.30.

Data on Tuesday showed U.S. factory orders rose 1.5% in June after a 2.3% increase in the previous month. Economists polled by Reuters had expected a rise of 1% in June.

Later in the week, focus will shift to data on the U.S. services sector and the monthly jobs report for July.

In M&A-driven moves, Translate Bio surged 29.23%after France's Sanofi agreed to buy the U.S. biotech company in a $3.2 billion deal.

Under Armour Inc and Ralph Lauren Corp jumped 6.19% and 6.13% respectively after raising their annual revenue forecasts.

Overall, earnings at S&P 500 firms are estimated to have climbed about 90% in the second quarter versus forecasts of 65.4% at the start of July, according to IBES data from Refinitiv.

"The earnings reports continue to come in very strong or stronger than people expect, which leads me to believe that people are underestimating the strength of recovery," said Cox.

Volume on U.S. exchanges was 9.28 billion shares, compared with the 9.73 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored decliners.

The S&P 500 posted 70 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 91 new highs and 117 new lows.

(Reporting by Echo Wang in New York; additional reporting by Sagarika Jaisinghani, Sruthi Shankar and Shashank Nayar in Bengaluru; Editing by Arun Koyyur and Dan Grebler)

By Echo Wang


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -1.83% 146.06 Delayed Quote.10.08%
DISCOVERY, INC. -0.41% 26.88 Delayed Quote.-10.67%
FACEBOOK INC -2.24% 364.72 Delayed Quote.33.52%
NETFLIX, INC. 0.49% 589.35 Delayed Quote.8.99%
SANOFI -0.15% 81.55 Real-time Quote.3.62%
TAKE-TWO INTERACTIVE SOFTWARE, INC. -0.15% 151.66 Delayed Quote.-26.90%
TRANSLATE BIO, INC. -0.13% 37.36 Delayed Quote.0.00%
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Analyst Recommendations on APPLE INC.
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Financials (USD)
Sales 2021 366 B - -
Net income 2021 93 853 M - -
Net cash 2021 78 438 M - -
P/E ratio 2021 26,2x
Yield 2021 0,59%
Capitalization 2 414 B 2 414 B -
EV / Sales 2021 6,38x
EV / Sales 2022 6,17x
Nbr of Employees 147 000
Free-Float 99,0%
Chart APPLE INC.
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Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 44
Last Close Price 146,06 $
Average target price 165,36 $
Spread / Average Target 13,2%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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