Apple breaks $500 threshold, first time since Jan.

August 14, 2013 by The Associated Press

Apple Inc.'s shares surged passed the $500 threshold—their highest level since January.

Wednesday's gains came a day after activist investor Carl Icahn said he thinks the iPhone maker should do more to revive its stock price.

The outspoken billionaire said in Twitter posts Tuesday that he had acquired an unspecified stake in Apple and had spoken to its CEO about boosting plans. The stock immediately jumped, and closed at its highest level in nearly seven months.

Apple is committed to buying back $60 million in stock by the end of 2015. Icahn believes that program should be immediately increased.

The company's stock peaked last year at $705.07 but began losing ground on concerns about slowing growth and growing competition.

Shares added $13.83 to $503.40 at midday.

Explore further: Apple stock hits latest 52-week low

Related Stories

Apple stock hits latest 52-week low

March 4, 2013

Shares of Apple hit their lowest level in more than a year on Monday, continuing a decline hastened by the company's last quarterly earnings report.

Recommended for you

Apple issues update after cyber weapon captured

August 26, 2016

Apple iPhone owners on Friday were urged to install a quickly released security update after a sophisticated attack on an Emirati dissident exposed vulnerabilities targeted by cyber arms dealers.

0 comments

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.