Apple Inc.’s weeks-long rally continued on Tuesday, giving the title its longest winning streak in nearly two decades.
The stock rose 1.9% on Tuesday for its 11th consecutive daily gain, the longest winning streak for Apple AAPL,
since a 12-session streak that ended on May 13, 2003, according to Dow Jones Market Data. For context, this 2003 rally started the day Apple launched the iTunes Store, which sold songs online for 99 cents apiece. The iPod existed at the time, but the company hadn’t released the iPod mini or iPod shuffle yet; the iPhone was introduced years later, in 2007.
Apple’s 12-session stock market rally in May 2003 remains the longest on record. Apple would match that record span if it ended with gains in Wednesday’s trading session, and it would break the record if its shares also advanced on Thursday.
The 2003 rally took Apple’s market capitalization to $6.8 billion from $5.1 billion, according to Dow Jones Market Data. The company is now in very different territory, as its current streak has brought it closer to a $3 trillion valuation. Apple added $462 billion in market capitalization in the current 11-session period, an amount greater than the total market capitalization of all but 10 S&P 500 SPX members.
according to Dow Jones market data.
Apple may not currently be planning a music industry shake-up like it did in 2003, but the company could be looking at a big change in the way it sells iPhones. Bloomberg News reported last week that the company was explore a possible hardware subscription servicewhich could allow people to pay for iPhones with a monthly subscription tied to the App Store and the user’s Apple ID.
Unlike the installment plans Apple currently offers, the company wouldn’t simply split the cost of the device into, say, 24 pieces over a 24-month period, according to the report. Apple did not immediately respond to MarketWatch’s request for comment.
Morgan Stanley analyst Katy Huberty recently cast a positive view on this potential strategy, writing that the average Apple user pays less than $1 a day for Apple products and services, according to her calculations. She thinks Apple device owners likely place a higher value on Apple’s offerings and thinks many would be willing to pay more. A subscription service could help Apple extract more revenue, especially from the most dedicated users, she said.
With Tuesday’s rally, Apple shares should erase their losses for 2022. The stock is currently up 0.8% so far in 2022, compared to a 2.9% drop this year for the Dow Jones Industrial. Average DJIA,
of which Apple is a part.