19 Mar

Apple Extends Its Gains as It Launches a New Range of iPads

WRITTEN BY Jitendra Parashar

New range of iPads

Yesterday, Apple (AAPL) launched a newly upgraded range of its iPad Air and iPad mini devices ahead of its March 25 special event.

At its upcoming event on March 25, the company is expected to launch its video streaming service.

Apple Extends Its Gains as It Launches a New Range of iPads

A quick look at the specs

Apple’s new iPad Air and iPad mini both have advanced retina displays and support the Apple Pencil. The company said its new 10.5-inch iPad Air is ~70% faster than its 9.7-inch iPad and has twice the graphics capability.

Similarly, the new 7.9-inch iPad mini is capable of delivering “three times the performance and nine times faster graphics” than its predecessor, and it has a 25% brighter display.

Investors’ positive reaction

On March 18, Apple stock inched up 1.0% compared to the 0.4% and 0.3% gains in the S&P 500 Index and the NASDAQ Composite Index (QQQ), respectively. Investors’ expectation that the company’s new range of iPads will help it boost its product sales could be the reason why Apple stock outperformed the broader market yesterday.

Overall, Apple has traded on a positive note for the last seven consecutive sessions. Optimism related to its upcoming special event scheduled for March 25 is one of the reasons for these gains.

As of March 18, Apple stock has seen an 8.6% month-to-date gain compared to just 2.4% for the NASDAQ Composite Index. In comparison, Microsoft (MSFT), Alphabet (GOOG), NVIDIA (NVDA), Qualcomm (QCOM), Intel (INTC), Amazon (AMZN), and Oracle (ORCL) have risen 4.9%, 5.5%, 9.5%, 6.4%, 2.2%, 6.2%, and 2.6%, respectively, this month.

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