Apple (NASDAQ:AAPL) posted a new record closing high today, +2.7% to $236.21 to top the previous high set just over a year ago, making Apple the most-valuable U.S. company again, edging past Microsoft with a $1.07T market cap.
The year started on a bearish note for Apple, which cut its revenue outlook for the first time in nearly 20 years, and taken in response to a weak outlook for iPhone upgrades and China's economy, the stock swirled to its lowest level since April 2017.
But since then, the stock has marched steadily higher and has now bounced more than 60% off its January low.
Just as Apple's weakness in Q4 2018 was largely driven by concern over iPhone demand, the 2019 recovery has been aided by an easing of those fears; the recently released iPhone 11 appears to be capturing pent-up demand after aggressive pricing in recent iterations caused consumers to hold off.
Analysts, in turn, have been growing more positive on the stock given the company's ongoing shift to services and the well received new iPhone, while also anticipating that next year's model - expected to be the first 5G version - will be a blockbuster.
And now tensions with China are expected to ease with today's announcement of a mini trade deal; Apple has a high-teens revenue exposure to China along with a deeply embedded supply chain.
Apple is expected to report Q4 results on Oct. 30, with analyst consensus calling for earnings of $2.84/share on revenue of $62.9B.
Now read: Apple: A Lost Year For iPhone »
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