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Apple and Amazon’s strength gets bulls buying despite U.S. recession

Friday July 29, 2022. 02:41 PM , from Mac Daily News
Apple and Amazon’s strength gets bulls buying despite U.S. recession
Apple and Amazon.com reported strong results after the latest Federal Reserve interest rate hike and the U.S. Commerce Department GDP data showed the U.S. economy was technically in a recession.

James Ashton for Barron’s:

Apple’s latest earnings were solid. The company hasn’t seen “any sign of demand weakness” for iPhones, although it has been discounting in China. Nor is it suffering from softness in subscription fees, a sign of consumer stress at Netflix and other streamers.
Amazon was stronger still, at the top line. Curmudgeons will say that a 7.2% rise in quarterly revenue means the e-commerce giant is growing at the slowest rate for two decades, but investors were relieved enough to add back everything the stock lost after Walmart’s warning that shook retailers on Monday.
Dive into the data, though, and there are signs of inflationary strain, such as Amazon’s North America division, including its core online retail business, which has run at a loss for three quarters straight.

Liz Moyer for Barron’s:

For Apple, it was iPhone sales that lifted results above expectations. As Apple’s biggest driver of revenue, iPhone sales rose 2.8% to a fiscal third-quarter record of $40.67 billion, though sales of Mac computers and iPad tablets fell because of supply constraints.
CFO Luca Maestri said on the company’s conference call the impact of supply constraints should be lower in the September quarter than they were in the June quarter. He expects revenue in the September quarter to accelerate from the June quarter.

MacDailyNews Take: In pre-market trading, shares of Apple are up $3.71 (+2.36%) to $161.06. Apple’s 52-week high of $182.94 was set on January 04, 2022. Apple’s 52-week low of $129.04 was set on June 16, 2022. If you bought under $130, you’re a smart cookie.
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The post Apple and Amazon’s strength gets bulls buying despite U.S. recession appeared first on MacDailyNews.
https://macdailynews.com/2022/07/29/apple-and-amazons-strength-gets-bulls-buying-despite-u-s-recessi

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