Apple Hits $294.76 Record High, Named IBD Stock of the Day

Apple shares surged to a new intraday record high of $294.76 on May 8, earning IBD Stock of the Day honors after breaking out from a 22-week consolidation past the $288.62 buy point. The rally extended from May 7's $292.13 all-time high, fueled by fiscal Q2 results of $2.01 EPS (+22% YoY) on $111.2B sales (+17%) and June quarter guidance of $108.6B (+15.5%). Wedbush hiked its price target to $400, projecting $15B annual AI services revenue, with IBD's 97/99 composite rating and A accumulation signaling strong institutional buying ahead of WWDC.