Many technology companies have seen record-breaking App sales and use in 2020. Everyday tasks such as checking social media and checking the weather can be done from an App in about two minutes’ time.
In some cases, technology companies are pacing record-breaking annual App sales despite the fact that it’s only May. That’s impressive. In fact, one company in particular reported to Morgan Stanley App sales of $1.7 billion year-to-date.
|Ticker Code||Ticker Name||Ticker Industry||Price Change||Average Volume (50)*|
|TSLA||Tesla Inc||Auto Manufacturers||49.35%||18,533,657|
|RCL||Royal Caribbean Cruises Ltd||Travel Services||12.25%||26,491,901|
|NIO||Nio Inc – ADR||Auto Manufacturers||30.22%||33,527,986|
|AMZN||Amazon.com, Inc.||Internet Retail||20.59%||5,967,057|
|PAAS||Pan American Silver Corp.||Silver||50.31%||4,057,950|
|ZM||Zoom Video Communications Inc||Internet Content & Information||2.37%||16,252,645|
|ZEST||Ecoark Holdings Inc||Plastics products, misc||49.15%||346,073|
|BA||Boeing Co||Aerospace & Defense||-18.29%||41,038,635|
|AAPL||Apple Inc.||Consumer Electronics||18.22%||43,341,233|
|DIS||Walt Disney Co||Entertainment||4.43%||20,054,545|
|GLW||Corning Incorporated||Electronic Components||0.83%||6,038,558|
|SHOP||Shopify Inc||Software – Application||75.94%||3,792,907|
|MSFT||Microsoft Corporation||Software – Infrastructure||15.74%||50,421,086|
|DAL||Delta Air Lines, Inc.||Airlines||-26.39%||60,783,856|
|WYNN||Wynn Resorts, Limited||Resorts & Casinos||31.67%||7,389,506|
|GILD||Gilead Sciences, Inc.||Drug Manufacturers – General||3.62%||24,886,959|
|CL||Colgate-Palmolive Company||Household & Personal Products||2.23%||4,872,452|
|ALL||Allstate Corp||Insurance – Property & Casualty||10.63%||2,444,056|
|BABA||Alibaba Group Holding Ltd – ADR||Internet Retail||0.35%||16,707,136|
While Apple (NYSE: AAPL) has indeed had to close retail locations and launch lower-priced products in order to adapt to COVID-19 effects, it may come as no surprise that the technology giant has quietly found an alternative route to making $1.7 billion outside of retail stores and iPhone sales.
Its App store is in higher demand than ever, to the tune of $1.7 billion in App sales only five months into 2020.
Financial analyst Katy Huberty of Morgan Stanley noted Apple’s App store sales have increased by 31% from last year, and followed up her financial analysis by upgrading Apple to overweight.
While Huberty herself upgraded Apple, I expect additional upgrades, bullish reports, and maybe even institutional buying of Apple stock.
Afterall, we’re in a market in which most companies have reported damaging losses. $1.7 billion in App store revenue, or a 31% increase from last year is not something for traders and investors of Apple to overlook.
In addition to a catalyst of $1.7 billion in revenue brought in outside of selling iPhones (Apple’s primary source of income), as an active trader, I like Apple’s chart today for a fast-paced trading opportunity.
On the chart above you’ll notice that Apple is currently trading right above $300/share support.
I’m bullish on Apple long-term, including today. While Apple may pull back right around today’s opening bell, I’ll be waiting for a tradeable bottom to set up around $300/share support.
Should Apple find support at $300/share to create a bullish trading opportunity, I’ll look to place a trade to the upside and cash out for a quick profit by day’s end.
Yours for TrackStar trading,
America’s #1 Premarket and Day Trader
Disclaimer: This is not investment advice. This article is for information purposes only and opinion-based on financial advisor data across a selection of websites. Investors should be cautious about any and all investments and are advised to conduct their own due diligence prior to making any investment decisions.