Apple’s iPhone Reveals Are Often a Dip Buyer’s Dream
Whenever Apple Inc. releases a new iPhone, the stock tends to take a hit immediately after. However, investors may want to consider waiting a few weeks as it can create a good opportunity to buy low.
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For the last five years, Apple seems to have trouble with September as it experiences a negative trend of 4.5% in shares. This is higher compared to the decline of 3.2% for the S&P 500 during the same period. However, October seems to be a good month for Apple, having an average gain of 3.8% over the five-year period.
According to Gene Munster, the co-founder and managing partner of Deepwater Asset Management, if you've been holding onto this company for a while and you believe it will become an essential consumer goods company, these dips in the stock market are chances to take advantage of.
Typically, the stock price of Apple rises prior to the event. However, this year things have been tough. In August, Apple's stocks plummeted following an unsatisfactory earnings report. The downward trend has persisted into the current month due to worries about China's governmental limitations on iPhones - which is Apple's primary international market. As a result, Apple's market value has dropped by nearly $300 billion since July 31st's record close.
According to Jason Benowitz, who is a senior portfolio manager at CI Roosevelt Private Wealth, the worries about China and the cycle of iPhone events have given a good opportunity to invest.
He stated that Apple is crucial for providing job opportunities and economic benefits to both the United States and China. Despite the recent rumors in the media, these essential truths remain unaltered, and it is anticipated that Apple will continue to thrive in China for a prolonged period of time.
Discover More: Apple Set to Reveal New iPhones Featuring Upgraded Cameras and Durable Titanium Coating
The upcoming Apple event is taking place on Tuesday at 10 a.m. in California. During the event, they're going to reveal the new iPhone 15 range, as well as updated watches and AirPods. Based on reports from Bloomberg News, there will be two models of the iPhone that are lower priced and two models that are more expensive.
It's no secret that Apple is struggling to maintain its position as a top-performing megacap stock. However, it's not the only one facing challenges. The Nasdaq 100 Stock Index has also taken a hit, dropping by over 2% since July due to increased Treasury yields and indications that the Federal Reserve is planning to keep interest rates up for an extended period. Other notable companies, such as Tesla Inc. and Microsoft Inc., have also suffered losses of more than 5% since their peak on July 18. Even leading chipmaker Nvidia Corp. is down by 4.9%.
Even though Apple's stocks have decreased, they still maintained a 38% increase this year. The stocks are valued at 27 times the anticipated earnings, which is a decrease from the peak of 30 times back in July. However, it's still higher than the average of 18 times over the last ten years.
Apple is looking for a way to improve their financial situation, as they have experienced a decrease in revenue for the past three consecutive quarters. Based on information collected by Bloomberg, analysts predict that the company's overall revenue will go up in the year 2024, following a drop of about 2.9% this year. This positive change will be partially due to the fact that Apple will be increasing the prices of their most expensive products, as stated by senior equity analyst at CFRA Research, Angelo Zino. This is expected to have a positive effect on the stock market.
Ken Mahoney, the CEO of Mahoney Asset Management, expressed optimism that the recent performance has paved the way for a potential rally in October and for the rest of the year.
In my opinion, we need to make it past September, which has been quite turbulent thus far," he remarked. "I am a firm believer in Apple's stock, let's be clear about that.
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