Apple Stock Pops; Earns A Rating Upgrade

Apple (AAPL) had a good day Tuesday, along with other market leaders. Anticipation is building for Apple's Sept. 12 event, where it is expected to announce new products, including the iPhone 15 and new Apple watches. On Tuesday Apple stock shot up more than 2%, and the Relative Strength Rating for Apple stock jumped from 83 to 85.

On Monday its RS Rating rose from 80 to 83, establishing that Apple stock topped all but 17% of all stocks for price performance over the past 12 months. It was a significant move because market research shows that the market's biggest winners often have an 80 or better RS Rating as they begin their biggest price moves. On Tuesday the rating rose again, to 85.

Computer and smartphone giant Apple is a favorite of investing legend Warren Buffett. It's the largest holding in Buffet-led conglomerate Berkshire Hathaway.

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Apple stock has had a good run this year, along with other tech majors. It rose 60% from 124.17 on Jan. 3 to a 198.23 high on July 19. Then it began consolidating in sync with the market pullback. Apple is trying to complete a flat base with a 198.23 entry. See if it can clear the breakout price in heavy trade. On Tuesday, Apple closed at 184.12, up 2.2% for the day.

On Aug. 3, Apple reported that its fiscal third quarter earnings grew 5% to $1.26 per share, improved from 0% growth in the prior report. Revenue also improved as the company reported a 1% dip to $81.8 billion, vs. a 3% drop the prior quarter. The results missed analysts consensus and Apple fell 4.8% on Aug. 4.

Apple holds the No. 2 rank among its peers in the Telecom-Consumer Products industry group, according to IBD Stock Checkup. Tiny Ooma (OOMA), which provides telecom services to small businesses and homes, is No. 1. Radio, and voice and data communications devices maker Motorola Solutions (MSI) is No. 3 among the group's highest-rated stocks.

When searching for the best stocks to buy and watch, one key metric to keep a close eye on is a stock's relative price strength vs. other stocks.

The exclusive Relative Strength Rating from Investor's Business Daily measures share price performance with a 1 (worst) to 99 (best) score. The score shows how a stock's price performance over the last 52 weeks stacks up against all the other stocks in our database.

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