Apple Set to Open at Record High as Analysts Laud ‘Blow Out’ Results
- Core product demand held up in China but virus poses risk
- Shares gain 3%, having more than doubled over the past year
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Apple Inc. shares rallied on Wednesday, with the stock extending a recent advance into record territory after its first-quarter results validated the growing optimism among analysts that demand for the tech giant’s iPhones would endure.
Wall Street was particularly positive on growth in China, as well as the outlook for the second quarter. In another potential catalyst, Apple is reportedly preparing to launch a new low-cost iPhone model and a 5G-enabled device later this year.