Apple (NASDAQ: AAPL) released its third quarter financial results yesterday after the market closed and, despite more record breaking numbers, share prices took a nose dive in after hours trading, losing a bit over 7%. This was likely due to the numbers not quite reaching some of the lofty estimates offered by analysts over the last few weeks.
Apple (NASDAQ: AAPL) shares made gains on just about every day last week, opening Monday at $125.03 and reaching $129.62 (which was also the high for the week) by Friday's closing bell for a 3.7% gain on the week. Shares are at $131.83 as of this writing. The surge is no doubt due to a flurry of bullish reports from analysts in the days leading up to Apple's third quarter results call, which is tomorrow, Tuesday July 21 at 5:00 PM ET.
Last week was Apple (NASDAQ: AAPL) stock's most active week of trading since the last week of April, though it didn't end favorably. Share prices opened Monday at $124.94 and had a weekly low close of $120.07 on Thursday after reaching a low of $119.22 on that same day. That's the first time the company's stock has dipped below $120 since early February. Prices rebounded on Friday, gaining 2.67% to close the week at $123.28. Volume could increase this week with Apple's FY 2015 Third Quarter earnings call quickly approaching.
While there was plenty of fanfare around last week's Apple Music and Beats 1 launch, it was a relatively uneventful week for Apple (NASDAQ: AAPL) on Wall Street. Share prices opened Monday at $125.46 and closed the short week on Thursday at $126.44, reaching a high of $126.94 during trading on Wednesday.
Apple Inc. (NASDAQ:AAPL) made news this week on several fronts, including a change to the royalty structure in its upcoming Apple Music service. Apple SVP of Internet Software and Services Eddy Cue stated that Apple would pay artists 0.2 cents per song during the 3-month free trial. While AAPL peaked mid-week at $129.70 after news of the change, the stock closed at $126.79 on Friday. This means AAPL longs were down 70 cents per share from Monday's open.