Apple (NASDAQ:AAPL) shares went on a roller coaster of a ride Monday, producing the sort of dips that cause a feeling of weightlessness and an uncomfortable sensation in the stomach of those on board. Shares began the day just above $425.50, rose as high as $427.02, and sunk as low as $422.58. In the absence of a major catalysts, the rises and falls that have became Apple’s typical trading pattern can be attributed to the nearness of Apple’s next quarterly report, which will come on after the markets close on April 23. Speculation about the company’s performance is already rampant, but Apple’s stock closed out the day up $3.01, or 0.71 percent, at $426.21. Here’s a cheat sheet to today’s top Apple stories:
Analyst: Here’s How Many iPhones Apple Sold Last Quarter
Apple’s earnings are just over two weeks away. On average, analysts are looking for earnings to contract about 17.5 percent to $10.13 per share, and revenue to increase 9 percent to $42.70 billion. Apple, for its part, guided revenue in a range between $41 and $43 billion.
Against this backdrop, an analyst at Canaccord Genuity — with a Buy rating and a $600 price target on the stock — increased his iPhone sales estimates for the second and third quarter, and reduced his average price estimate. Citing reduced pricing for the older models, the analyst raised his sales estimate from 34.5 million to 37 million in the second quarter, and from 25 million to 27 million in the third quarter. The average price estimate was reduced from $651 in the December quarter to $601 in the March quarter… (Read more.)