What you need to know
- Apple shares just matched a 12-year performance record.
- AAPL closed at $175.60 on Monday, its tenth consecutive daily price increase.
- That's the longest winning streak for the stock since 2010.
Apple shares closed at $175.60 on Monday, marking 10 days of consecutive price increases and the stock's longest winning streak since 2010.
As noted by MarketWatch, AAPL closed on Monday up 0.5%, marking 10 days of consecutive gains in trading sessions. The last time this happened was in October 2010.
Monday's gains were a hard-fought victory, following grim reports that Apple was slashing production of its new iPhone SE. According to multiple reports, Apple is cutting production by some 20% because of the war in Ukraine and looming inflation, which has dented consumer interest in the company's best iPhone for budget users. Insider Ming-Chi Kuo stated Monday he had adjusted his iPhone shipment estimate for 2022 down sharply to 15-20M (vs. 25-30M previously).
Despite these reports, Apple did manage to sneak in its tenth day of growth, however, there are signs the stock's recent surge is leveling off.
The stock reached record heights of some $182 in price right at the start of 2022 but has been on a bit of a rollercoaster since then, falling sharply in the month of January before bouncing back, and then falling more steadily to its lowest price since November, $150 on March 14. 10 days of trading later, it now sits at $175.
Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9
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