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Apple stock enjoys Santa Claus Rally

Apple (NASDAQ: AAPL) stock closed 5% higher supported by the company reportedly wants to increase iPhone production by roughly 30% year over year. The Apple stock rallied more than 70% in 2020.

Apple stock enjoys Santa Claus Rally

Apple (NASDAQ: AAPL) stock climbed to near the all-time highs on Tuesday. On Tuesday, the stock closed 5% higher supported by the company reportedly wants to increase iPhone production by roughly 30% year over year. The Apple stock rallied more than 70% in 2020.

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As per the recent report, Apple plans to produce up to 96 million iPhones for the first half of 2021. The U.S. tech giant is also working on a new Apple TV, a home entertainment device for video-on-demand services, for next year – Nikkei Asia reported.

Apple’s Earnings for the fiscal fourth quarter showed revenue at $64.7 billion, versus analysts’ estimates of $63.7 billion. Earnings per share (EPS) came in at 73 cents, which beat the 70 cents per share that was expected.

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