Apple Soars to Become Best Dow Stock of the Year as iPhone 11 Is Released

By Douglas A. McIntyre Updated Jan 30, 3:35PM EST · Published Sep 21, 8:45AM EDT

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Apple Soars to Become Best Dow Stock of the Year as iPhone 11 Is Released — © Apple Inc.

Apple Inc. (NASDAQ: AAPL | AAPL Price Prediction) has taken the lead as the best-performing stock in the Dow Jones industrial average, up 38.03% to $217.73, beating the other 29 components for 2019 so far. The Dow itself is up 15.47% to 26,935.07. Apple’s performance has been the upward swing of a seesaw that began when it posted mediocre earnings at the end of June. The recent release of the iPhone 11 family has been well-enough received to tamp down some of the earnings results anxiety.

Apple has been able to convince many investors that it is no longer just an iPhone company, although most reviewers believe the new iPhone will be a large success. Its combination of “reasonable” prices, better cameras and substantially longer battery life are considered winning features. Apple usually reports the results of early sales of each new iPhone. Investors will not have to wait long to see if their hunches are right, if Apple stays true to form.

Apple has lobbied for several quarters that the iPhone no longer needs to be its lifeblood. CEO Tim Cook usually gives just a sentence of comment about monthly earnings. The last one was telling. “This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends.” Services were usually stuck at the back of the Apple portfolio of businesses.

Apple’s charge deeper into the services business is its TV+, a competitor to Netflix, Amazon and over a dozen other streaming video services, some from America’s largest media companies. People who think that the project is a long shot argue that the current competition is firmly entrenched. Apple’s price for the service at $4.99 a month after a seven-day free trial may be too low, as well.

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Whatever the fate of Apple TV+ may be, the new iPhone 11 was just good enough to catch investors’ attention as they debate the sources of Apple’s future. For the time being, that is good enough.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.