Without substantial innovation and revenue growth, Apple's post-earnings rally is likely to be short-lived. Here's how to play it.
Apple surged on Friday following Tim Cook 's announcement of the largest stock buyback in stock market history. However, we can't overlook the fact that Apple's revenue dipped by 4% year-over-year, with iPhone revenue down by 10%. While stock buybacks typically buoy stock prices, without substantial innovation and revenue growth, the initial post-earnings rally is likely to be short-lived, potentially giving way to profit-taking in the short term.
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