Apple’s Chart-Topping Run Gets a Boost From Retail Investors
- Shares are outperforming again, jumping 26% from June low
- Apple’s profit estimates are holding firm while others drop
Visitors make their way into the Apple store on Fifth Ave in New York, US.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Apple Inc. is back in a familiar role as market leader after a painful first half of the year that saw hundreds of billions of dollars in market value disappear, and individual investors are a big reason for the rally.
Since bottoming in mid-June, the iPhone maker’s shares have surged 27%, outpacing the S&P 500 Index and the Nasdaq 100 Index. That’s put Apple back on top as the world’s most valuable company and within sight of turning positive for the year. Apple is now down just 7.4% in 2022, compared with a drop of 20% for the Nasdaq 100.