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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

(AAPL)
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Big Tech drives S&P 500 to record high in coronavirus rally

08/18/2020 | 12:57pm EST
The New York Stock Exchange building is seen past a statue of George Washington on the steps of Federal Hall on Wall Street in Lower Manhattan in New York

The S&P 500 hit a record high on Tuesday, thanks largely to months of outperformance from Amazon and other heavyweight technology companies viewed by investors as likely to emerge from the coronavirus crisis stronger than smaller rivals.

The widely followed index's most valuable companies have surged this year, with Apple, Microsoft and Amazon each up between 33% and 72% year to date.

Graphic: Big Tech gets bigger Big Tech gets bigger https://graphics.reuters.com/USA-STOCKS/FANG/oakveogzyvr/chart.png

ABIOMED, Regeneron Pharmaceuticals and West Pharmaceutical Services, all involved in developing and selling therapies for the coronavirus, have risen over 50% since the S&P 500's previous record high in February.

Trillions of dollars of monetary and economic stimulus aimed at reducing the economic fallout for tens of millions of Americans out of work because of the coronavirus have driven the S&P 500 up more than 50% from its March 23 low, with the benchmark now up nearly 5% for 2020.

Graphic: S&P 500 vs unemployment

While the pandemic has forced many restaurants and shops out of business, large supermarkets and retailers with strong online sales have grown. Thanks mostly to Amazon, the S&P 500 consumer discretionary index has gained 23% in 2020, making it the second-strongest performer among 11 sector indexes, below technology.

The information technology index has jumped 25% year to date, lifted by Microsoft, Apple, Mastercard and other companies seeing stronger demand for their products and services as people staying at home do more shopping online.

While some investors worry that the rally since March has been concentrated largely among tech companies, others have confidence that these stocks' gains are justified as the pandemic leads to a sharp increase in online shopping, cloud computing and other uses of technology.

"These are firms that have solid fundamentals that are superior to the broader market and will benefit from recent trends. We do not find that this high concentration is a source of systemic risk," said Benjamin Jones, senior multi-asset strategist at State Street Global Markets.

Graphic: S&P 500 sectors year to date

With the U.S. corporate earnings season mostly completed, a record number of companies have beaten dramatically lowered estimates. But the second quarter is still set to be the low point for earnings this year.

Even after a recent modest improvement in profit estimates, the S&P 500 is trading at about 22 times expected earnings, its highest multiple since the dot com era two decades ago.

Graphic: S&P 500 PE revisits dot-com highs

By Noel Randewich


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ABIOMED, INC. 0.81% 274.1 Delayed Quote.59.39%
AMAZON.COM, INC. -0.85% 3168.04 Delayed Quote.71.45%
APPLE INC. 2.11% 119.05 Delayed Quote.58.81%
DJ INDUSTRIAL -0.91% 29638.64 Delayed Quote.4.81%
MASTERCARD -0.76% 336.51 Delayed Quote.13.56%
MICROSOFT CORPORATION -0.54% 214.07 Delayed Quote.36.48%
NASDAQ 100 0.08% 12268.316447 Delayed Quote.40.37%
NASDAQ COMP. -0.06% 12198.737037 Delayed Quote.36.03%
REGENERON PHARMACEUTICALS 0.39% 516.03 Delayed Quote.37.43%
S&P 500 -0.46% 3621.63 Delayed Quote.12.10%
WEST PHARMACEUTICAL SERVICES, INC. -1.01% 275.16 Delayed Quote.84.90%
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Financials (USD)
Sales 2021 315 B - -
Net income 2021 66 259 M - -
Net cash 2021 80 862 M - -
P/E ratio 2021 30,1x
Yield 2021 0,71%
Capitalization 2 024 B 2 024 B -
EV / Sales 2021 6,17x
EV / Sales 2022 5,81x
Nbr of Employees 147 000
Free-Float 99,9%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 127,20 $
Last Close Price 119,05 $
Spread / Highest target 26,0%
Spread / Average Target 6,84%
Spread / Lowest Target -37,0%
EPS Revisions
Managers
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
Sector and Competitors
1st jan.Capitalization (M$)
APPLE INC.58.81%2 024 065
SAMSUNG ELECTRONICS CO., LTD.21.86%414 707
XIAOMI CORPORATION146.75%81 074
WINGTECH TECHNOLOGY CO.,LTD9.69%19 494
FITBIT, INC.9.28%1 956
MERRY ELECTRONICS CO., LTD.-16.72%1 031