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12-05-2013, 10:27 PM #1
Apple Stock Hits 52-Week High
With the New Year around the corner, Apple’s stock has finally rebounded to set a new 52-week high of $575.14 earlier today, although it has since pulled back by a few dollars. Apple’s stock price peaked at just over $700 back in September 2012 before beginning a slide that took the price to under $400 by the middle of April this year. Currently, Apple’s march back to yearly highs began towards the end of June and has been a fairly steady climb since then, although the last two weeks have been particularly good for the company’s stock with a roughly 10% increase over that time as investors have been buoyed by new product releases and optimism surrounding Apple’s Black Friday weekend sales.
The stock price for the company has undoubtedly also been boosted by a stock buyback program that has seen Apple take roughly 5% of its shares off the market since late 2012. Some argue that Apple should be doing even more to repurchase its stock, believing it to remain undervalued and thus a cheap investment for the company. Activist inventor Carl Icahn, who holds roughly $2.5 billion in Apple stock announced that he has filed paperwork requesting that shareholders be included in an advisory vote encouraging the company to increase its buyback plan by an additional $50 billion.
We’ll have to keep an eye on the trends to see how Apple stock fares going forward.
Source: Google Finance via MacRumors