Apple Inc. (NASDAQ: AAPL) has been on a tear in 2017. Although it is not the best-performing stock in the Dow Jones Industrial Average, the number-two spot (behind Boeing Company) is not a bad position either. Apple’s shares have gained about 30% year to date, and there seems to be more room to run with the iPhone 8 poised for release this fall. In fact, Apple is on a run that has not been seen in more than six years.
The stock is set to post a gain in each of the past 10 trading days, assuming Thursday has a positive close. This type of movement hasn’t been seen since the stock’s last 10-day streak back in October 2010.
An interesting parallel to note is that Apple’s win streak comes as the Nasdaq 100 (NASDAQ: NDX) is also on track to post a 10th straight gain to a record high.
In Apple’s most recent short-interest report, for the two-week period ended June 30, shares sold short dropped by 13.7 million. The figure shrank to 41.9 million shares, so the dropoff was 25%.The reduction in short interest coincided with a period when Apple’s shares have traded flat to down.
One of the things about Apple’s shares that is most vexing is the seesawing based on rumors. This has been particularly true of iPhone 8 expectations. Since mid-May, shares have jumped as high as $156 and as low as $142. There has not been any substantial news over that period, other than quarterly earnings that were about what Wall Street expected.
Shares of Apple were last trading up only slightly at $151.13, with a consensus analyst price target of $159.13 and a 52-week range of $96.42 to $156.65.