Apple Inc became the first $1 trillion publicly listed U.S. company on Thursday, crowning a decade-long rise fueled by the
COMMENTS:
PAUL NOLTE, PORTFOLIO MANAGER, KINGSVIEW ASSET MANAGEMENT, CHICAGO, WHO OWNS APPLE:
"Do we all get hats for this? To be honest, I don't know if it has any big implications. Apple is so different than the other tech stocks in the FAANG group... So I don't know if there are any implications for the FAANG group or technology in general because you had a really very uneven earnings season, with some issues unique to each of those companies, so it's hard to generalize.
"I would expect to see the dividend increase, announced at their annual meeting. For those that hold Apple, it's reasonably priced here. We've owned it for three or four years now, and it's probably our second- or third-largest holding. I have trimmed it over the last 12 months just because it was large compared to the rest of the portfolio, so I may do that again if it continues to rise. If it goes up to say $250, I'd trim it a little bit.
"My concern generally speaking is the FAANG stocks are just incredibly large relative to the rest of the market, and with a lot of passive money going into the S&P 500, ultimately a lot of money goes into those FAANG stocks by default. So it's a self -perpetuating machine."
"Amazon is the next closest and given the step backwards that Netflix and Facebook and, to a lesser extent, (Alphabet) took, Amazon has a reasonable shot at getting there."
KIM FORREST, SENIOR PORTFOLIO MANAGER AT FORT PITT CAPITAL GROUP IN PITTSBURGH:
"It's something for people to talk about, a number, a threshold to reach. It was inevitable ... this means that Apple did a really good job this quarter."
"The more telling thing is if people should be buying it today if they don't have a position. I don't know about that. The more practical approach is just because something hits some sort of milestone it doesn't mean it needs to be purchased today. Enjoy watching it ... Price is always important and why would you be one of the people buying it on a high."
"It's a good sign for the market and the economy. Because even though today we're talking about the impact of trade or currency war, an issue with China, Apple who makes most of their products in China is hitting this."
"If we can look beyond what's happening today politically and a group of investors says 'I'm buying into Apple,' that's a hugely positive sign."
"There's enough momentum in the technology sector because we saw that turn around in the past few days that it didn't feel like a dead cat bounce. We are in the thick of summer where there are fewer investors paying attention to the market and trading but it doesn't feel like those weird trading days before a holiday where ... lack of volume is really apparent."
"It doesn't particularly mean a whole lot to a professional investor, like crossing the whole numbers on the Dow. It just doesn't."
BRAD NEUMAN, DIRECTOR OF MARKET STRATEGY AT ALGER, A GROWTH EQUITY ASSET MANAGEMENT FIRM IN NEW YORK CITY:
"It speaks to the power of the company's platform. We think of Apple as less of a device maker and more of a platform for services, and I think the markets are starting to recognize the value of its platform and services more and more and that's what is being reflected in the increase in market capitalization."
PETER TUZ, PRESIDENT OF CHASE INVESTMENT COUNSEL IN CHARLOTTESVILLE, VIRGINIA:
"It's certainly a tremendous achievement to create a company with a $1 trillion market cap.
"Steve Jobs and his co-founders... created a company that has lasted a long time and continues to capture the imagination of consumers all around the world with their new products and services.
"It is still, compared to many other companies, not an expensive stock.
"They still have a long runway with new products and especially getting more people addicted to the various services that they have rolled out.
"I am thinking Amazon is going to get there in the not-too-distant future as well.
"It's a tremendous achievement. Ultimately, it's just a number."
