Shares hit $100 on Tuesday, the highest level since September 2012.
Apple shares have been rejuvenated in recent months thanks to strong quarterly results, high expectations for new products and a 7-for-1 stock split that was completed in June. The split, which increased the number of shares outstanding and lowered the price accordingly, was aimed at making Apple’s stock more accessible to a wider audience.
For Apple bulls, the strategy has reaped immediate benefits. Shares have rallied by more than 30% since late April, when the company announced the split in conjunction with an upbeat quarterly report.
The stock is now poised to take its record high achieved in September 2012. Back then, Apple hit a closing high of $702.10, which is the equivalent of $100.30 in today’s split-adjusted terms.
Apple is currently less than 1% away from reclaiming that mark.
Apple investors are banking on an expected new product launch of larger iPhones, perhaps as soon as next month, and a series of smartwatches before the end of the year, to help juice growth. By diversifying its product lines, Apple is hoping to reignite earnings growth, which has flattened in recent quarters. The company generates billions of dollars in profit every quarter, but after a decade of stellar results its growth rate has slowed recently.
After peaking in September 2012, the stock slid more than 40% before bottoming in April 2013. It continued to struggle through last summer, but the stock has been in a steady uptrend ever since.
تعليقات
إرسال تعليق