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Apple’s stock is on a tear this week as it releases a string of products in the lead-up to its highly anticipated event on Monday.

The stock had its biggest rally Thursday since January, closing up 3.7 percent at $195.09 per share for its ninth positive day in the past 10 trading days.

Apple fell just short of taking back the title of the world’s largest public company from Microsoft. Still, Apple is once again approaching $1 trillion in market value, adding about $33 billion to its market capitalization Thursday, bringing it to $919.9 billion.

While Apple has put the spotlight on its hardware this week, announcing new iPads, iMacs and AirPods three days in a row (with a fourth product possibly coming Friday), the focus of Monday’s event is expected to be on a new streaming video service. Teasing the event with the slogan, “It’s show time,” Apple is expected to introduce a new streaming TV service that will give iPhone and iPad users access to free original content and subscription channels such as Starz and CBS All Access, CNBC previously reported.

Investors are already seeing a big upside to Apple’s expected venture into streaming. Needham upgraded the stock on Thursday and raised its price target from $180 to $225.

In a note to investors, Needham analysts wrote that if users adopt Apple’s streaming service, it “should lower churn and drive higher lifetime value.” It could even attract new customers to its products and services, they wrote.

Citigroup also raised its price target on the stock from $170 to $220 on Thursday, even though analysts said in a note they don’t anticipate the launch of Apple’s streaming service “to be a big catalyst for the stock.” They noted, rather, that the streaming is meant to drive recurring revenue for the company, in continuation of its services strategy.

Wedbush raised its price target from $200 to $215 Thursday, saying, “Monday’s announcement is just the tip of the iceberg for [Apple CEO Tim] Cook’s broader streaming content strategy to take hold and in our opinion adds a significant potential catalyst to the Apple services growth story for years to come.” The analysts hedged slightly, noting that Apple “is definitely playing from behind the eight ball in this content arms race with Netflix, Disney, Hulu, and AT&T/Time Warner all going after this next consumer frontier.”

Disclosure: Comcast, which owns CNBC parent NBCUniversal, is a co-owner of Hulu.

— CNBC’s
Michael Sheetz
contributed to this report.

Subscribe to CNBC on YouTube.

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Trump says he called OPEC and told cartel to bring fuel prices down

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President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019.

Jonathan Ernst | Reuters

President Donald Trump talks to reporters as he departs for travel to Indianapolis, Indiana from the White House in Washington, U.S., April 26, 2019.

President Donald Trump on Friday said he “called up” OPEC and told the producer group to take action to bring down fuel costs, making a dubious claim that gasoline prices are already falling.

“The gasoline prices are coming down. I called up OPEC. I said, ‘You’ve got to bring them down. You’ve got to bring them down, and gasoline’s coming down,” Trump told reporters en route to a National Rifle Association event in Indianapolis.

It was not immediately clear whether Trump meant that he had contacted the OPEC Secretariat in Vienna, or whether he was referring to OPEC members and close U.S. allies like Saudi Arabia and the United Arab Emirates.

In fact, the national average for a gallon of regular gasoline is $2.883 per gallon, up from $2.877 a day ago and $2.839 a week ago. Wholesale U.S. gasoline prices have ticked lower in recent days, but are still up 10.7% from a week ago and

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Oil's recent price surge won't last, economists predict

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Sluggish global growth and an increase in U.S. output both signal the end of the recent rally in oil prices, economic research consultancy Capital Economics has suggested.

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US GDP grows by 3.2% in the first quarter

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The U.S. economy grew at a faster pace than expected in the first quarter and posted its best growth to start a year in six years.

First-quarter GDP expanded by 3.2% in the first quarter, the Bureau of Economic Analysis said in its initial read of the economy for that period. Economists polled by Dow Jones expected the U.S. economy increased by 2.5% in the first quarter. It was the first time since 2013 that first-quarter GDP topped 3%.

Exports rose 3.7% in the first quarter, while imports decreased by 3.7%. Economic growth also got a lift from strong investments in intellectual property products. Those investments expanded by 8.6%.

“The upside beat was helped by net trade (exports jumped while imports contracted sharply) and inventories which combined contributed almost 170 bps of the rise,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group. “Personal spending though, the biggest component was up just 1.2%, two tenths more than expected as an increase in spending on services and nondurable goods offset a decline in spending on durable goods.”

Disposable personal income increased by 3%, while prices increased by 1.3% when excluding food and energy. Overall prices climbed by 0.8% in the first quarter.

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