Apple stock hits new high after 4-month dip

Aug 17, 2012 by PETER SVENSSON

(AP) — Apple's stock hit a new high Friday after a four-month swoon, as investors looked ahead to the release of a new iPhone and possibly a smaller iPad.

Already the world's most valuable company, Apple Inc. saw its stock hit $648.19 just before closing, before retreating to $648.11. That was up $11.77, or 1.9 percent, from Thursday's close.

The previous high for the stock was $644, hit on April 10.

Apple has a market value of about $608 billion, almost 50 percent higher than No. 2 Exxon Mobil Corp. at $408 billion.

Apple's stock fell last month after the company's earnings report for the April-June quarter showed the slowest growth in more than two years. It was only the second time in 10 years that Apple had missed analyst expectations.

Jefferies & Co. analyst Peter Misek raised his price target on the stock to $900 from $800 on Friday, saying an "iPad Mini" is in production in China. His belief is based on readings of reports from Apple's suppliers, contract manufacturers and contacts in the region. He now believes Apple will build 25 million iPads of all kinds in the current quarter, up from a previous estimate of 16 million, which did not include the "Mini."

The Cupertino, Calif., company hasn't said anything about a new iPhone or iPad.

Speculation about a smaller iPad has been rife this year. Analysts believe Apple wants to make a cheaper tablet computer to counter the threat of the Google Inc.'s Nexus 7 and Amazon.com Inc.'s Kindle Fire, both of which sell for $199. The cheapest current iPad costs $399.

Analysts now believe the iPhone 5 will go on sale in late September, and it's widely believed that it will be the biggest phone launch ever. Rumored upgrades include the ability access the latest wireless data networks in the U.S. and a slightly bigger screen.

Explore further: Uber says outside review shows customer data safe, private

1 /5 (6 votes)
add to favorites email to friend print save as pdf

Related Stories

Apple stock hit by AT&T numbers

Apr 24, 2012

(AP) -- Apple shares slipped in early trading Tuesday after AT&T Inc., the largest seller of iPhones in the U.S., reported a sharp drop in first-quarter sales compared to the holiday quarter.

Recommended for you

Airbnb to expand tax collection efforts

Jan 30, 2015

Online lodging operator Airbnb is expanding its efforts to collect local taxes, responding to complaints that it competes unfairly with the hotel sector.

Jay Z to acquire Wimp music service

Jan 30, 2015

US rap star Jay Z will make a $56-million foray into the music streaming business by taking over the Norwegian service Wimp, its shareholders confirmed Friday.

How can Google snap its stock out of its stupor?

Jan 30, 2015

Google has turned into a stock market laggard as the shift to mobile devices has lowered the Internet search leader's digital ad prices and the company's expensive investments in far-out technology has trimmed ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.