Apple is jumping Wednesday after a strong third-quarter report, trading more than 5 percent up and inching the stock toward a $1 trillion market value.
Shares hit the $200 mark during mid-morning trading after opening at $199.13. Shareholders had previously been looking for a stock price of $203.45 to make Apple the first trillion-dollar company — though the company is expected to announce an adjusted outstanding share count later Wednesday that is likely to move the threshold.
The iPhone maker slightly missed Wall Street estimates for sales of the flagship handset, but posted a big beat on average selling price. It also beat on earnings per share and revenue from the growing software and services segment.
Wall Street was largely bullish on the report, which many saw as Apple staying the course. Analysts for Morgan Stanley and RBC Capital both noted Apple is steadily on its way to $1 trillion.
“Apple’s narrative is shifting towards their ability to sustain mid-single digit sales growth despite flat iPhone units and low-to-mid teens EPS growth via buybacks,” RBC analysts wrote in a note. “Hit Snooze for 90 Days. Path to Trillion Intact.”
As of Wednesday’s open, Apple has gained 18 percent in 2018 and more than 30 percent in the last 12 months.