Option Millionaires

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Shares of Apple Inc. (AAPL) rallied 1.3% in premarket trade Friday, after Wedbush Securities started covering the technology giant with a bullish stance, citing the company's services "gold mine" and positive iPhone cycle. Analyst Daniel Ives initiated Apple at outperform and added Apple to Wedbush's "best ideas list." He set a stock price target of $310 , which is 44% above Thursday's closing price of $216.02 and 34% above the Oct. 3 record close of $232.07 . "With positively trending ASPs and gross margins heading into this 2019 product cycle showing no signs of abating and could translate into upside for the upcoming quarter, we believe many of the growth fears on the Street have been alleviated, however this upcoming product cycle remains a linchpin for Cupertino," Ives wrote in a note to clients. Apple's stock has rallied 12.6% over the past three months, while the SPDR Technology Select Sector ETF (XLK) has lost 3.4% and the Dow Jones Industrial Average has gained 1.3%.