New York, Jan 21, 2026, 10:28 a.m. (EST) — Regular session
- Apple shares held steady in morning trading as Wall Street found its footing following Tuesday’s drop
- Evercore upgrades Apple to its “Tactical Outperform” list; Citi lowers its target, citing risks from memory costs
- Attention turns to Apple’s Jan. 29 earnings, with a close eye on iPhone demand, profit margins, and guidance
Apple Inc (AAPL.O) shares held steady on Wednesday, closing in at $246.76 after an opening price of $248.66. During the session, the stock fluctuated between $244.85 and $248.70. The iPhone maker’s market capitalization stands around $3.01 trillion.
The timing is key. Apple will report its quarterly earnings on Jan. 29 and host a conference call at 5 p.m. ET, shining a new light on holiday iPhone sales and the company’s cost outlook. 1
Markets remain jittery following Tuesday’s sharp selloff, which marked the steepest one-day decline for major U.S. indexes in three months amid fresh tariff concerns linked to President Donald Trump’s bid for Greenland. “I’m not at the point yet … (this) is going to precipitate a correction,” said Jamie Cox, managing partner at Harris Financial Group. 2
U.S. stocks held steady Wednesday as investors digested Trump’s remarks at Davos, hoping the tough talk might ease. “We’re not going to use force to acquire Greenland… that’s a sigh of relief for markets,” said Art Hogan, chief market strategist at B Riley Wealth. Still, he cautioned that concerns linger over a potential “reigniting a trade war.” 3
Analysts are refocusing on iPhones and margins for Apple. Evercore ISI bumped Apple onto its “Tactical Outperform” list, signaling short-term optimism, and projected iPhone revenue to jump 17% year-over-year—well above the 11% consensus—driven by stronger demand for premium models, according to Barron’s. Meanwhile, Citi kept its Buy rating but trimmed the price target to $315 from $330, flagging a potential hit to gross margin from a forecasted 50% surge in dynamic random-access memory costs; “Apple is not totally immune from sharp memory pricing increases,” noted Citi analyst Atif Malik. 4
Apple scored a legal victory this week when a federal judge in San Jose dismissed portions of a privacy class action lawsuit. The case involved data collection in Apple’s own apps and allegations related to a “pen register” tracking theory. Plaintiffs were allowed to revise some claims. 5
Gross margin represents the portion of each sales dollar a company holds onto after covering product costs. For Apple, even a slight change can have a big impact, given the massive volume of iPhones and Macs sold, and the fact that component prices often fluctuate more quickly than retail prices.
Investors will zero in on Apple’s iPhone volume, product mix, and services growth, probing whether management expects any shifts in consumer demand following recent market swings. Margin talk will be front and center, particularly if suppliers continue raising costs for memory and other parts.
Apple’s sheer scale works in two directions. When iPhone sales impress, it moves like a pure company play. But if the mood sours on big tech, it often acts more like a stand-in for the sector’s wider trends.
The situation is complicated: a cautious outlook, tighter margins, or signs of weakening demand could all weigh on a stock investors still view as a staple. Any sudden shift in trade policy rhetoric would only deepen the uncertainty.
