Apple Inches Closer to Erasing 2022 Losses as Inflation Cools | Tech News

Apple Inches Closer to Erasing 2022 Losses as Inflation Cools

Apple Inc. is close to erasing its losses for the year as softer-than-expected inflation data fueled a risk-on rally in the stock market Wednesday.

| Updated on: Aug 17 2022, 00:30 IST
iPhone 14 Series rumoured look revealed
1/6 The upcoming iPhone 14 series is expected to have a new notch design. According to Jon Pressor of FrontPagetech, the new notch is expected to be in the form of a new hole and pill-shaped cutout, housing the front camera as well as the FaceID sensors. (FrontPageTech)
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2/6 The iPhone 14 series is reported to have 4 variants in its lineup- the iPhone 14, iPhone 14 Max, iPhone 14 Pro, iPhone 14 Pro Max. The non-Pro models are expected to have a similar but smaller notch than the iPhone 13 series while the Pro series are said to have the new notch design. (FrontPageTech)
3/6 Moreover, the iPhone 14 series is expected to have the same flat-edged design introduced with the iPhone 12 series. The iPhone 14 is expected to have thin-flat edges, larger camera bump, new notch design and more. (Front Page Tech)
4/6 According to Prosser's FrontPageTech video, the iPhone 14 will look like an iPhone 12 crossed with an iPhone 4 in that it'll stick with flat edges. However, notably, those edges could include a mute button and a group of rounded buttons for volume central, harking back to the iPhone 4. (Front Page Tech)
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5/6 The iPhone 14 series is still expected to have glass on the back, like the couple of previous generations of iPhones dating back to the iPhone 8. However, this new notch design is sure to excite consumers. It will be the first time since the launch of iPhone X back in 2018, that Apple has carried out a major revamp of their iPhones, instead of sticking to their tried and tested design. (FrontPageTech)
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6/6 However, since there is no official confirmation from Apple, all this information must be taken with a grain of salt as they are still unconfirmed reports. So, until the iPhone 14 series officially launches in September or October, we just might have to wait. (FrontPageTech)
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Apple is close to erasing its losses for the year.  (AP)

Apple Inc. is close to erasing its losses for the year as softer-than-expected inflation data fueled a risk-on rally in the stock market Wednesday.

The iPhone-maker edged 2.6% higher to $169.24 as investors piled back into stocks on bets the Federal Reserve could dial back the size of future interest-rate hikes, after the July consumer price index showed a deceleration in growth from the prior month. Megacap tech stocks all rallied with Meta Platforms Inc. and Netflix Inc. leading the pack on a more than 5.8% gain each, while the Nasdaq 100 Index advanced 2.9%. The tech-heavy benchmark closed 20% higher from its June low.

Since bottoming in mid-June, Apple's shares have surged about 30%, outpacing the S&P 500 Index and the Nasdaq 100. That's put the tech giant back on top as the world's most valuable company and within reach of turning positive for the year. It is now down just 4.7% in 2022, compared with a drop of 18% for the Nasdaq 100.

The furious rally comes after the company posted quarterly earnings that were better-than-feared, and also reflects Wall Street's confidence in its ability to continue churning out big profits. Individual investors, who recently helped ignite rallies in speculative corners of the market, have also flocked to the stock.

Apple, which has a market value of about $2.7 trillion, surpassed oil giant Saudi Aramco again in July to become the world's largest company.

The recent surge puts its shares back in the expensive camp, trading at 26.4 times profits projected over the next 12 months, well above its 10-year average at 16.7 times. That compares with the Nasdaq 100 which is priced at 23 times earnings and the S&P 500 at 17.8.

About 96% of analysts covering the stock recommend investors buy or hold on to their positions, according to data compiled by Bloomberg, with an average forecast of a 6.9% gain in its shares over the next 12 months.

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First Published Date: 11 Aug, 22:33 IST