After reporting better than expected earnings this week, shares of tech giant Apple soared 6% to a record high.
The stock such a big gain, that the world’s already most valuable company saw gains in one day that equate to the entire market cap of many companies trading on the S&P 500. Apple saw gains of $48.1 billion on Wednesday, adding to the $830 billion it had for a market value.
Apple has been one of the best performing large cap stocks trading in the market and many are now saying it could be the first company to reach a market cap of $1 trillion. Shares of the stock have seen gains of nearly 30% YTD.
While many analysts were worried about an iPhone 8 delay and what it could mean for Apple’s current quarter, the company reassured traders with a positive guidance.
Looking ahead, Apple forecast fiscal fourth-quarter sale guidance for between $49 billion and $52 billion versus the $49.2 billion Thomson Reuters analyst consensus.
After the guidance, firm Morgan Stanley raised its September quarter iPhone unit estimate to 43 million from 37 million.
“Despite investor concerns that OLED iPhone shipments could push to Nov/Dec or even next year, management guided September quarter bullishly and sounded confident on upcoming product launches this fall,” Morgan Stanley analyst Katy Huberty wrote.
“We increase our September quarter iPhone unit shipment estimate … in part due to higher overall demand but also due to some of the new products likely contributing later in the quarter.”
Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.