This article was originally published on ETFTrends.com.
Apple will announce its fiscal third-quarter earnings results later today, which could give technology stocks and tech-focused ETFs a much-needed shot in the arm after companies like Facebook, Twitter and Netflix stumbled on their earnings.
Five ETFs to watch with the heaviest weightings in Apple stock include iShares U.S. Technology ETF Technology Equities (IYW) , Vanguard Information Technology ETF Technology Equities (VGT) , Technology Select Sector SPDR Fund Technology Equities (XLK) , Fidelity MSCI Information Technology Index ETF Technology Equities (FTEC) , and iShares Edge MSCI Multifactor Technology ETF Technology Equities (BATS: TCHF). A rise in Apple could effectively tow all these ETFs out of what analysts are already dubbing the "tech wreck."
Consensus estimates for Apple:
- Earnings per share: $2.18, based on a Thomson Reuters estimate
- Revenue: $52.34 billion, based on a Thomson Reuters estimate
- iPhone sales: 41.79 million, based on a Factset estimate
The tech sector has already lost 5.4% in the aggregate over the last three trading sessions, but a number of analysts are predicting that Apple will be a top performer amongst its other FANG peers--Facebook, Amazon and Google.
"Our view is that Apple is positioned to break to the upside," said Ari Wald, Head of Technical Analysis at Oppenheimer & Co. "That it's going to break through this resistance level based on the rising trend going into this test. Now, if we were to get that breakout, we would see that as a resumption of the stock's longer term trend of outperformance."
As of 2:45 p.m., the Dow Jones Industrial Average was up over 150 points ahead of the earnings announcement, which is set to take place after the closing bell. Fueling the rise in the Dow was also the announcement that the United States and China are seeking negotiations that would effectively defuse the trade war between both economic superpowers.
Meanwhile, Apple's stock was up 0.77% and the ETF with the heaviest weighting of Apple, IYW, was up 0.62%.
For more market trends, visit ETFTrends.com.
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