AAPL Making a Run for $600
Shares of AAPL have come out of the gate strong this week, approaching the $600 level for the first time in a year Monday before closing up $22 at $594.
Last week, in response to Apple's latest quarterly earnings report, a gaggle of market analysts spoke optimistically about Apple's stock for the first time in months, with several calling for AAPL to make new all-time highs before the end of 2014 (if that is to happen, however, AAPL will need to put on more than $100 from its current price).
If the surge is to continue, Apple will almost certainly need to introduce new products to the market soon, analysts were quick to note.
On Wednesday, Apple reported strong quarterly earnings and iPhone sales that obliterated analyst projections. The Cupertino, California-based company also revealed a substantial investment in itself. Apple spent approximately $18 billion to purchase nearly 32 million shares of AAPL during the March quarter.
Although some profit taking (selling of AAPL stock) is expected in the short term, it doesn't appear that Apple will dip much further for the time being, given that investors seem fully interested in AAPL once again as Apple's June WWDC now looms large on the horizon.