Apple’s stock surged after the tech giant reported quarterly results that blew expectations out of the water. The company reported earnings per share of $1.67 on revenue of $45.4 billion. Analysts polled by Reuters expected earnings per share of $1.57 on revenue of $44.89 billion. If Apple opens Wednesday where it is trading after hours, it would be a new record for the stock.
The gains in Apple would also theoretically add 50 points to the Dow, which would push it above 22,000 at Wednesday’s open. The Dow posted a record close of 21,963.92 on Tuesday, just 36.08 points shy of 22,000.
The Nasdaq 100 — which is composed of the 100 largest components in the Nasdaq composite — would also receive a lift from Apple. Nasdaq 100 futures pointed to a 0.68 percent gain at Wednesday’s open. The PowerShares QQQ Trust exchange-traded fund, which tracks the Nasdaq 100, climbed half a percent in after-hours trading.
Other tech stocks also gained in extended trading, with Alphabet, Netflix and Amazon shares all higher.
— With reporting by Robert Hum