According to a report by CNBC earlier this week, citing sources with knowledge of the matter, Apple Inc (AAPL) intends to launch a new digital video service, which will provide original content free of charge to owners of Apple devices such as iPhone, iPad and Apple TV.
Apple shares closed lower for a second consecutive trading session on NASDAQ on Thursday. The stock went down 0.88% ($1.91) to $214.45, after touching an intraday low at $212.32, or a price level not seen since August 16th ($211.47).
Shares of Apple Inc have surged 26.72% so far in 2018 compared with a 2.05% gain for the underlying index, S&P 500 (SPX).
In 2017, Apple’s stock gained 46.11%, thus, it again outperformed the S&P 500, which registered a 19.42% return.
Apple intends to launch the renovated app in early 2019.
According to CNBC, along with the free Apple-owned content to device owners, the new product will also include subscription channels, which will enable users to sign up for online-only services similar to the ones provided by Starz and HBO.
The TV app will allow users to access all of their content, thus, they will not have to download individual apps from a number of media providers, CNBC reported.
According to CNN Money, the 34 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $235.00, with a high estimate of $300.00 and a low estimate of $165.00. The median estimate represents a 9.58% upside compared to the closing price of $214.45 on October 11th.
The same media also reported that 22 out of 40 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 14 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Apple Inc (AAPL) are presented as follows:
Central Pivot Point – $226.11
R1 – $231.65
R2 – $239.00
R3 – $244.54
R4 – $250.07
S1 – $218.76
S2 – $213.22
S3 – $205.87
S4 – $198.51