Apple Stock Continues to Increase Despite Analyst Predictions
Apple’s stock continues its upward trend with the current price increasing by 5.83% since last week’s unveiling of the new iPad. The current price shocks many stock advisors who thought that the release would provide a good opportunity to sell. The Cupertino California company closed at $568.10 per share, which is currently a new all-time high, just 8 cents below the 52 week high set during the trading day.
The new value set the company’s market cap at $528.68 billion, which is less than a half billion less than the annual American military budget, but over $120 billion higher than Exxon Mobil, which had been neck and neck with Apple in market cap over the past two quarters. The company’s market cap (which is the value of all outstanding shares in the company) is now greater than the market cap of Google, HP, Microsoft, and RIM combined.
While the company’s stock has already gone up by 46.11% for the year, it seems to be up nearly another 6% since the since the iPad event last Wednesday. This was previously a time pinpointed by a variety of advisors as a good opportunity to sell. Many pundits’ described stock prices to drop around new product introductions. The company’s stock nearly fell 10% after the release of the iPad 2 last spring but since then, it has climbed nearly 54% over the past year and hasn’t seen that drop with the release of the new iPad.
Source: Daily Finance
. Google Finance