Apple CEO's handling of trade war has helped buoy shares, investors say

) reports results on Wednesday, Wall Street expects flat fiscal fourth-quarter sales and lower full-year revenue compared with the prior year, mostly because of declining iPhone sales. Yet Apple’s stock price has hit all-time highs in recent weeks, and its price-to-forward-earnings valuation is higher than it has been since 2010.

Cook has fostered a relationship with U.S. President Donald Trump, dining with him and conveying Apple’s views on tariffs and U.S. manufacturing. He has also kept strong enough relations with Chinese officials to avoid Apple becoming a target of explicit retaliation after the U.S. government moved to cut off Huawei Technologies Co Ltd - Apple’s arch rival in the premium smartphone market in China - from American technology.

“Who would have thought he would have been able to thread that needle and deal with the president? It’s a show of an incredible amount of nuance and emotional intelligence to do what’s best for the company,” said Hal Eddins, chief economist for Capital Investment Cos, an Apple shareholder. “A year ago, we were talking about the price pushback in China, and contended they were overcoming that,” said Tom Plumb, founder of Wisconsin Capital Management, an Apple shareholder. “Now the real question is whether you’re seeing a cultural shift that would bode poorly for Apple.”

Apple shares were down 0.5% to $242 at midday on Wednesday after reports that Chilean officials had canceled a summit at which the United States and China were expected to take major steps toward a trade deal.

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