Shares of Facebook and Apple rise after they reported earnings that beat Wall Street expectations
) on Wednesday forecast sales for the crucial holiday shopping quarter ahead of Wall Street expectations, with Chief Executive Tim Cook seeing strong sales of the wearables such as the noise-cancelling AirPods Pro and hoping for a U.S.-China trade deal by year-end.
“I don’t know every chapter of the book, but I think that will eventually happen,” Cook told Reuters. “I certainly hope it happens during the quarter, but we’ll see about that.” But Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel, said part of Apple’s rising stock price came from interest rate cuts by U.S. officials and other indicators of slowing economic growth. “Investors feel emboldened to pay up for what they feel is ‘guaranteed growth’ with big tech,” Eddins said.
“The starting price of $699 is a factor in bringing more people into the market and giving people just another reason to upgrade,” Cook told Reuters. “In China specifically ... we picked locally relevant price points that were more similar to the price points that had great success with earlier.” Apple now has 450 million subscribers to its own or third-party services on its devices, and sales of wearables were up 54% versus the previous year.
“The China growth being down only 2% in this environment is a win,” said John Ham of Apple investor New England Investment and Retirement Group. “The Chinese consumer isn’t punishing Apple as the American face of the trade war.”
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