Apple (AAPL), the king of Cupertino, continues to team up with the MLB on ‘Friday Night Baseball.’ Coming out of an extended slump, AAPL stock is on deck for a new breakout.
After a two-month absence, AAPL stock reclaimed a spot on the list of new buys by the best mutual funds. In fact, Apple topped this stock screen, taking in roughly $1.7 billion from 21 of these leading money managers.
Further confirming institutional demand. the tech icon sports a 1.4 up/down volume ratio and a “B” Accumulation/Distribution Rating.
Interest in AAPL stock has lifted its market capitalization to an astounding $2.7 trillion. Fellow tech giant Microsoft (MSFT) is the only other member of this elite club, sporting a $2.1 trillion market cap.
Apple And MLB Announce ‘Friday Night Baseball’ Lineup
With playoffs just around the corner, Apple and Major League Baseball have announced the September 2022 “Friday Night Baseball” schedule.
These MLB games are available to anyone with internet access across devices where Apple TV+ can be found. That includes the Apple TV app on iPhone, iPad, Mac, Apple TV 4K and HD, as well as tv.apple.com and the Amazon Fire Cube.
“Friday Night Baseball” is available on Apple TV+ in the United States, Canada, Australia, Brazil, Colombia, the Dominican Republic, Germany, Italy, Japan, Mexico, Puerto Rico, South Korea and the United Kingdom. For a limited time, fans can watch without a subscription.
Look for APPL stock to benefit from this long-term MLB partnership.
Apple Posts Upbeat Report As AAPL Stock Tees Up
On July 28, Apple released fiscal Q3 earnings, delivering better-than-expected iPhone sales and service revenue. Total sales for the company rose 2% year-over-year to $83 billion while earnings dropped 8% to $1.20 per share.
AAPL stock has posted a string of up weeks since hitting a 52-week low in June. The technical turnaround has been significant, with its relative strength line already at a new high and the stock reclaiming its 10-week and 40-week moving averages.
Reflecting volatility in the market indexes, Apple has formed a double bottom. The buy point is 179.71.
IBD Breakout Opportunities ETF
The IBD Breakout Opportunities ETF, managed by Innovator Capital Management, tracks the IBD Breakout Stocks Index. As with other index ETFs, this fund allows you to invest in the entire index as opposed to buying individual stocks. Learn more here about the ETF and Innovator funds.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
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