Why Jim Cramer Doesn't Want Shares of Apple Up Ahead of the Event

Credit: The Street
Published on March 25, 2019 - Duration: 01:35s

Why Jim Cramer Doesn't Want Shares of Apple Up Ahead of the Event

Real Money's Stock of the Day Apple is set to show off Monday a new subscription video service, as well as a revamped Apple News, that could serve as anchors for Apple's growing services business.

TheStreet will be conducting a live blog breaking down Apple's event, which begins at 1 p.m.

ET.

Please check TheStreet's home page then for more details.

Many analysts were feeling optimistic ahead of the announcement, with several jacking up their price targets to between $215 and $225 a share.

Apple shares rose 2.7% during the week on the backs of those upgrades, ending the week at $191.18.

TheStreet's Annie Gaus reported that, based on past events, Apple's hardware event might not have a large impact on shares of Apple.

It's worth noting that Apple product reveals, at least where hardware announcements are concerned, have seemingly lost some of their power to move the stock dramatically.

For instance, Apple's 2017 reveal of the iPhone X produced a move of -0.9% three days after the announcement, which was the worst stock market response to a new iPhone, according to data from IG Group.

But it's a different ballgame now, with Apple forging a new path into services and away from its iPhone-centric revenue regime.

Apple has sought to shift focus away from iPhone unit sales and towards its installed base of 1.4 billion Apple devices worldwide.

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