Short sellers moved out of Apple Inc.’s (NASDAQ: AAPL) shares aggressively in the most recent period, dropping their interest 17.2% to 74.6 million shares. The company’s recent success may be the primary cause.
Apple’s shares have risen more than the Nasdaq over the past two weeks, but they have dipped slightly over the past few days. The new short interest measurement compares October 15 to October 30.
After a successful quarter, Apple is about to release its iPad Pro, which should boost its market share in the tablet business. Apple’s share price has been hurt recently by rumors that it has cut iPhone production, but these are only rumors. Rumors about Apple’s product launches and sales have been proven wrong countless times before.
Investors believe that Apple’s new TV product will help lift its sales. Many investors are enthusiastic about what they expect will be Apple’s move into the car business. Even with these, Apple has shown recently that its model continues to advance sales impressively.
On October 27, Apple announced its financial results:
Apple today announced financial results for its fiscal 2015 fourth quarter ended September 26, 2015. The Company posted quarterly revenue of $51.5 billion and quarterly net profit of $11.1 billion, or $1.96 per diluted share. These results compare to revenue of $42.1 billion and net profit of $8.5 billion, or $1.42 per diluted share, in the year-ago quarter. Gross margin was 39.9 percent compared to 38 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue.
iPhone sales reached 48 million, even though its new iPhone 6s was not available for some of the quarter. And sales in Greater China, which Apple management claims is at the core of its future, rose 99% to $12 billion of Apple’s quarterly total of $51.5 billion.
Apple has given shareholders good reasons to move into its stock and few to move out.
ALSO READ: 3 Tech Stocks to Buy That Are Benefiting From Big Apple Sales
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