Apple is a stock to hold for this year — and perhaps decade, writes Jeff Reeves.
For roughly 10 years, Apple has been the belle of the ball on Wall Street.
Shares of the Apple Inc. AAPL, +1.22% have soared over 750% in the last 10 years — more than eight times the return of the S&P 500 SPX, +1.49% It pushed aside Exxon Mobil XOM, +0.64% a few years ago to become the largest U.S. company by market capitalization, and has a good shot at being the nation’s first-ever trillion-dollar stock.
In fact, just Apple’s $280 billion stockpile of cash and investments is more than the value of all but 13 other S&P 500 corporations.
The iPhone is an iconic device that has won over consumers, the steady flow of profits have won over shareholders... what’s not to like?
Apparently plenty. The Dow Jones Industrial Average DJIA, +1.38% twice slumped more than 1,000 points in a single session this past week and the major indexes are down about 2% year-to-date — but Apple shares have skidded 7.7% in 2018, thanks in part to trouble after its fiscal first-quarter earnings.