To The Moon

Shares of Apple, currently the most valuable company in the world, closed just shy of their all-time high on Monday.Apple's stock price rose 2.3% to $233 on the last day of the quarter. That is less than 1% below its record close on July 16 of $234.82. The stock has risen during four of the last five trading days and is up 21% year to date, about the same as the Nasdaq Composite and slightly ahead of the S&P 500's 20% rise.It wasn't immediately clear what caused the gains, but a Morgan Stanley report on Monday pointed to stabilizing lead times for some models of the iPhone 16, which was announced Sept. 9."While this doesn't change our view on this cycle, we view the elongation of iPhone 16 Pro/Pro Max lead times as a positive leaning development worth watching," the report noted. The analysts rate Apple as Overweight and a top pick.

Shares of Apple, currently the most valuable company in the world, closed just shy of their all-time high on Monday.Apple's stock price rose 2.3% to $233 on the last day of the quarter. That is less than 1% below its record close on July 16 of $234.82. The stock has risen during four of the last five trading days and is up 21% year to date, about the same as the Nasdaq Composite and slightly ahead of the S&P 500's 20% rise.It wasn't immediately clear what caused the gains, but a Morgan Stanley report on Monday pointed to stabilizing lead times for some models of the iPhone 16, which was announced Sept. 9."While this doesn't change our view on this cycle, we view the elongation of iPhone 16 Pro/Pro Max lead times as a positive leaning development worth watching," the report noted. The analysts rate Apple as Overweight and a top pick.