AAPL Explodes on Wall Street in One of Company's Best Performances
Apple is the darling of the NASDAQ today, almost single-handedly carrying the market this morning in a share-surge following yesterday's impressive, analyst-beating Q2 earnings report (read MMi's coverage of Apple's Q2 earnings report here
This morning, shares of AAPL are trading up more than $50 (+10%) as investors and traders digest the staggering sales and revenue revealed yesterday by the tech titan.
After falling from a record high of $644 in early April to the $580 range in recent days, AAPL has bounced back nicely and is now once again trading near the $620 mark. In response to yesterday's earnings report and the subsequent buying frenzy on Wall Street, the next stop for AAPL, some say, is $700.
"It has been a long time since I've seen one earnings report be so meaningful for the market," Rick Meckler, president of investment firm LibertyView Capital Management, tells Reuters. "The fact that they weren't the negative surprise that so many people feared will be a huge relief to this market and really could provide the impetus to bring it back to those previous highs."