Investors went nuts about Apple stock this week. On Monday APPL.US hit historic record trading above $515, which market company’s capitalization above $2 trillion.
Although on Tuesday the iPhone manufacturer closed a little bit lower at $499, analysts from Cowen Research increased their price target to $530. Can Apple reach this level on Wednesday?
This year Apple stock increased by almost 70%. If you think this stock is overpriced, shorting it may be the right move.
Apart from Apple, you may consider some alternative that would allow you to ride the wave of enthusiasm or hunt for the trend reversal point. Qualcomm plays an important role in Apple’s supply chain.
The semiconductor manufacturer closed yesterday trading at almost $116 and comes at a 25% discount rate if you compare it with other direct competitors.
Qualcomm is used not only in iPhones but also by Samsung and Huawei. They will likely play an important role in the 5G shift. The Nasdaq listed company is 30% up this year.
On July 30, Apple announced a four for one Apple common stock. The trading with a split-adjusted basis will begin on Monday, August 31, 2020. While it’s not clear if the stock will trade lower or higher, we’d recommend you to get ready for some increased price movement early next week.