Apple Stock Nearly Holds Up Despite Magnificent 7 Sell-Off In Premarket: What's Going On

Shares of Apple, Inc. (NASDAQ:AAPL) fell modestly in premarket trading on Friday, and this assumes importance because all of its Magnificent 7 peers are staring down the barrel.

On Thursday, after the market closed, Apple announced that its fiscal year 2024 third-quarter revenue and earnings per share both surpassed expectations and showed growth compared to the previous year. The stock did not respond positively in the after-hours session, as skeptics highlighted concerns about weakness in China.

On the earnings call, Team Tim Cook guided September quarter revenue above the Street estimate and also talked up the company’s AI prospects.

Reacting to the results, Wedbush analyst Daniel Ives upped his price target for the stock from $275 to $28 and maintained an Outperform rating. The analyst said it was a “Gold-medal performance,” adding that the conference call was upbeat. He sees the stronger September guidance as just the “opening act for the main event which is an AI-driven super cycle starting with iPhone 16 launching in mid-September.”

Tech venture capitalist and Deepwater Asset Management Managing Partner Gene Munster said, “Apple's flywheel is flying,” said Munster, referring to the active installed base that hit a new record.

“Big picture is it's all about FY25 and FY26 iPhone, Mac and iPad powered by Apple Intelligence.”

See Also: Everything You Need to Know About Apple Stock

In premarket trading, Apple stock edged down 0.09% to $218.17, according to Benzinga Pro data. Among peers:

• Nvidia Corp. (NASDAQ:NVDA) fell 4.40% to $104.40.
• Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) fell 1.94% to $167.45.
• Microsoft Corporation (NASDAQ:MSFT) slipped 1.88% to $409.25.
• Amazon.com, Inc. (NASDAQ:AMZN) tumbled 8.36% to $168.68.
• Meta Platforms, Inc. (NASDAQ:META) slipped a more modest 0.72% to $494.12.
• Tesla, Inc. (NASDAQ:TSLA) fell 0.82% to $215.09.

Read Next:

• Chip Stocks Staring At Another Bloodbath As Intel Tumbles, Nvidia Dips 4%, ASML Crumbles Over 6%: What’s Ailing The Sector Friday

Photo: Peppinuzzo/Shutterstock