Apple’s surge past Amazon fizzled out as soon as Bloomberg reported it

From Bloomberg’s “Apple Hits Record After December Surge Sends It Past Amazon” posted Tuesday at 9:45 a.m. ET:

Apple Inc. shares briefly rallied to an intraday record on Tuesday, continuing a year-end surge that’s cemented its lead over Amazon.com Inc. as 2020’s best performer among the largest technology stocks.

Apple has advanced 16% in December amid signs of strong demand for its iPhone 12 models and optimism about its self-driving car efforts. The gains propelled Apple past Amazon with an 87% rally in 2020 compared to Amazon’s 79% increase. The S&P 500 is up 16% this year…

Apple rose as much as 1.5% to $138.79 before erasing the gains. The Cupertino, California-based company is trading at 35 times projected 2021 profit, up from 10 at the beginning of 2019. Amazon is valued at 56 times estimated earnings.

Bloomberg’s year-to-date chart…

Apple amazon fizzle bloomberg

My one-day chart: Apple and Amazon switch places at almost exactly 9:45…

Apple amazon fizzle bloomberg

My take: Ah, the perils of trying to write about moving targets. I am familiar.

3 Comments

  1. Ralph McDarmont said:
    Milestones and benchmarks mean nothing to me when it comes to AAPL. Apple has been breaking and resetting milestones forever. And it is irrelevant to link Amazon and Apple. Apples and oranges. I am happy both companies are soaring. Tech success is good.

    4
    December 29, 2020
  2. Michael Goldfeder said:
    I read on another financial site I follow that almost immediately after Apple crossed $138.50, a sell order hit dumping 18.5 million shares. I’m happy to have the consolidation in the $135 to $140 range heading into the 1Q earnings report after the bell on January 28, 2021.

    Best of New Years to everyone on Apple 3.0.

    4
    December 30, 2020
    • Kirk DeBernardi said:
      @ Michael Goldfeder —

      Ditto.

      0
      December 31, 2020

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