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Apple stock inches past $500
Apple stock broke the US$500 mark today. It's the first time for AAPL in that territory since late January of this year. The higher stock value followed by a day billionaire Carl Icahn's support for Apple with the announcement of a major stock purchase and a tweet saying that the stock was "extremely undervalued." Apple will also be unveiling new iOS products on September 10, which may be further stirring the pot. Close followers of the company expect to see a low-cost iPhone, and perhaps an iPhone 5s model with an updated camera and some enhanced security features. Apple had a good July on the NASDAQ, and the company regained its title of "Worlds Most Valuable Company." But it's probably too early for celebrations: Apple is nowhere near its all-time high share price of $705.07, achieved last year when it launched the iPhone 5. Note: Apple closed today at $498.50 up 1.82 percent.
AAPL drops below $400 briefly; Cirrus Logic inventory numbers blamed
Apple Inc. (AAPL) stock fell to its lowest price since December 2011 today following a report from Cirrus Logic, a producer of chips used in the iPhone and iPad, that it was dealing with an inventory surplus. Cirrus Logic said one of its customers is moving to a newer component causing the slowdown, The Associated Press reports. It did not specify which customer made the switch, but Apple is reportedly its biggest customer. Investors took this as a sign that iPhone and iPad sales might have fallen short of expectations. Apple's prices fell about 6 percent, and the market closed with Apple stock at $402.80, down $23.44. At one point, the stock had slipped below $400. Apple stocks have fluctuated in the past few months, hitting an all-time record of above $700 in September due to pent-up demand for the iPhone 5. It is worth noting T-Mobile just began selling the iPhone 5 on April 12, to reportedly strong sales. Apple is scheduled to announce Q2 2013 earnings on Tuesday.
Daily Update for September 21, 2011
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get all the top Apple stories of the day in three to five minutes, which is perfect for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the inline player (requires Flash) or the non-Flash link below. To subscribe to the podcast for listening through iTunes, click here. No Flash? Click here to listen.
AAPL could hit $410 according to R.W. Baird analyst
If only this blogger had held onto that Apple stock that was bought for about $8 while dabbling in the market in the late-1990s. Instead the profits from selling it at $27 a share were put into such wise investments as Webvan. The only good thing about my dot com bubble investing period is that only a small chunk of money was set aside to play with and no more was added. On the other hand if I had just had more patience and stayed in Apple, I'd have a very nice chunk of change with it now trading at over $317 per share and likely to go much higher. According to a recent Associated Press article, William V. Power, an analyst with R.W. Baird is projecting that AAPL shares will be trading at as much as $410 before long and he is not alone. Numerous analysts have projected $400+ for Apple and the average of 38 different projections is $370.50. The key to that continued growth according to Power is the iPhone which currently only commands about three percent of global mobile phone sales. As smartphones grab an ever larger stake of the handset market, Apple and its prime competitors, Android and Windows Phone 7 are all likely to see big gains in the next few years and that will certainly help Apple's bottom line and stock price.
