Apple Stock Seeks Breakout at $319.10 as iPhone Event and CEO Transition Loom
Apple's stock price has been rising steadily, nearing its $319.10 resistance level as the company prepares for its major iPhone event and CEO transition. The tech giant closed at $314.16 on August 27, just below the crucial breakout point.
The Q3 2026 earnings report showed impressive revenue growth of 16% to $109.4 billion, with diluted EPS increasing by 29% to $2.02. However, gross margin was boosted by tariff refunds and operational efficiency, but investors should be cautious not to attribute all the success solely to these factors.
The September 9 iPhone event is widely anticipated, with rumors suggesting a foldable iPhone will make its debut. This could potentially disrupt the market and increase average selling prices, improving Apple's margins in a softening smartphone landscape.
On September 1, John Ternus will take over as CEO from Tim Cook, who will assume the role of executive chair. As Ternus prepares for his first major product launch, investors will be watching closely to see how he navigates the challenges of balancing product launches with AI development and supply chain management.
The M6 Mac mini refresh has also been a significant catalyst, showcasing Apple's on-device AI capabilities. However, rising component costs, inflation, and potential tariffs remain concerns for the company's earnings.