Apple Inc. has emerged as the most-discussed stock onReddit’s r/WallStreetBets forum as of early Wednesday.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust is seeing the highest interest on the forum with 686 mentions as at press time, followed by tech giant Apple with 294 mentions, data from Quiver Quantitative showed.
Electric vehicle makerTesla Inc. and biopharmaceutical company Moderna Inc. are in the third and fourth positions, having attracted 225 and 142 mentions, respectively.
Why It Matters: Apple’s shares closed higher on Tuesday even as tech other stocks fell amid a broader market selloff due to worries about the new Omicron COVID-19 variant.
The Tim Cook-led company is seen as a safe haven despite the market uncertainty after Federal Reserve chair Jerome Powell said that the central bank will be discussing a potential acceleration of its monthly asset purchase tapering.
Apple's iPad sales grew 33% in Western Europe in the third quarter of this year even as the market declined 20% year-over-year, according to a report by Apple Insider.
Price Action: Apple shares closed almost 3.2% higher in Tuesday’s regular trading session at $165.30 and further rose 0.8% in the after-hours session to $166.64.
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