Apple rose to a record high in morning trade Friday, giving the company a valuation of over $900 billion for the first time.
Shares were briefly up more than 3 percent at the opening bell on Friday, after the company reported earnings that blew past Wall Street expectations on Thursday night. Around the world overnight, thousands lined up outside Apple Stores, hoping to buy Apple’s new flagship phone, the freshly launched iPhone X.
Apple’s mound of cash and cash equivalents continued to scrape the cloudline this quarter, coming in at $268.9 billion in the company’s quarterly earnings report.
Apple’s cash holdings, now up $7.4 billion from a quarter ago, could become more potent than ever very soon.
A new tax reform plan from House Republicans aims to permanently lower the corporate tax rate to 20 percent and calls for a one-time tax rate of 12 percent on cash returns and 5 percent on noncash for corporate money repatriated from overseas.
CFRA analyst Scott Kessler estimates that Apple is one of the companies in the technology sector that could benefit most from one specific tax reform: A lower tax rate on repatriated foreign profits.