Apple Reigns as DJIA’s Best Performing Stock of 2017

[cnxvideo id=”506829″ placement=”ros”]Shares of Apple Inc. (NASDAQ: AAPL) dipped 32 cents last week (about 0.2%), closing at $143.34 on Friday. The stock posted a new 52-week high on Wednesday.

But the company remains the best-performing stock by a wide margin among the 30 equities that comprise the Dow Jones Industrial Average (DJIA). The company’s stock is up 23.76% year to date, well above Boeing’s 14.88% improvement.

The week started out with an announcement from Imagination Technologies that Apple will cut its ties with the U.K.-based company within the next 15 to 24 months. The company supplies the graphics processing unit (GPU) for Apple products, and the London-traded company said that Apple “has asserted” that it is developing its own graphics design technology “in order to control its products” and that Apple will “be reducing its future reliance” on Imagination’s technology.

[nativounit]

That was bad news for the U.K. company and not especially interesting news for Apple investors who moved the stock up just 4 cents on the day of the announcement.

Later in the week reports surfaced that the next iPhone would not ship on time. The first report blamed difficulties in manufacturing the curved glass OLED display and the second report noted challenges to the development of the device’s 3D sensing technology.

Apple shares closed at $143.34 on Friday in a 52-week range of $89.47 to $145.46. The consensus 12-month price target is $147.61 in a price target range of $102 to $185 per share.

[wallst_email_signup]