Shares of Apple Close at New Record High of $648
Here's a headline you haven't read in at least a few weeks: shares of Apple have closed at a new all-time high.
On Friday, AAPL exploded to the upside on rumors of a new iPhone and iPad Mini flooding the tech space before year's end. A number of traders I spoke with at the Chicago Board of Trade today admit that the recent spike in AAPL will likely continue through the upcoming product release cycle.
Jefferies & Co.’s Peter Misek was one of the big market movers himself today as he has begun telling investors that Apple’s iPad Mini has “gone into production.” Correspondingly, Misek upped his his price target on Apple from $800 to $900.
Misek, based on what his checks in the supply chain reveal, thinks that Apple's iPad Mini could arrive on or around September 12th, the same time Apple is expected to unveil the 6th generation iPhone.
The upside momentum of the stock curiously follows Thursday's multi-billion dollar payment of dividends to AAPL shareholders - the first time the company has paid dividends in seventeen years.