Apple (AAPL) Reverses Early Gains Despite Strong Earnings

Apple Inc. (AAPL) shares are down 1.30% in early trade on Tuesday after reaching an all-time high of $134.54 in pre-market trade. That’s a 62.29% rise, or $51.64 per share, from the 52-week low of $82.90 set in May 9, 2014.

The name closed at $132.65 at the end of Monday’s trading session, after reporting EPS and revenue that beat expectations, printing a one-year return of about 66% and year-to-date return of around 21%.

After gapping up at the open, AAPL printed the tape above $134. However, after putting in a series of high-highs at that level, it has fallen back near the lower end of its intraday trading range. In today’s session it has gotten as low as $129.57 and it’s currently attempting to distance itself from intraday lows.

The stock is currently trading down $1.75 at $130.76. Some digestion above yesterday’s close of $132.65 could set it up for another move higher.

Separately, in a tweet, billionaire investor and major Apple shareholder Carl Icahn told investors that Apple shares are still “undervalued and misunderstood” despite an almost 20% surge so far this year. Icahn also said to expect an “in-depth report” in two weeks.

About 61 million Apple shares have exchanged hands as of 11:10 a.m. ET today, compared to its average trading volume of about 43 million shares a day.

The chart below shows where AAPL has traded over the last month.

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