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AAPL Stock: 101.79 ( + 0.21 )

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Apple's stock closes above $160

updated 01:55 pm EDT, Fri October 5, 2007

Apple's stock breaks $160

Shares of Apple Inc. have closed above $160 for the first, gaining 3.33 percent or $5.21 by the close of trading Friday (final trading price: $161.45). The stock is up over $24, or 18 percent in the past month, and has more than doubled in the past year. The reasons for the surge are unclear, though rumors of opening iPhone development and inclusion of HD videos in iTunes could be catalysts. In late August, Apple surprassed Google's market capitalization after going on a rollercoaster ride. During one week, the shares went from about $124 on Wednesday to about $112 on Thursday, then back up to about $122 on Friday. The reason for the dip, and others in the past month, may have been pure profit taking by investors who have seen tremendous gains in the stock this year. [updated]

In Late September, Apple CEO Steve Jobs has received a subpoena from the US Securities and Exchange Commission, according to two anonymous sources. This is not a part of an investigation, say reports, but rather for deposition in a lawsuit against Apple's former general counsel, Nancy Heinen. The SEC targeted Heinen in late April, accusing her of backdating stock options for Jobs and other Apple executives. Jobs in particular is said to have been given 7.5 million backdated shares, and Apple itself admits that Jobs suggested profitable dates for options other than his own. Heinen's attorneys have requested the presence of 45 people for deposition, with an emphasis on granters and grant recipients.

On September 24th, Citigroup analyst Richard Gardner raised his earnings estimates and price target for Apple, saying he expects the company sell more Macs than expected during the quarter ending on September 30th. The price target was raised to $180 from $160.




by MacNN Staff

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Comments

  1. starwarrior

    Joined: Dec 1969

    0

    Sillies

    These folks already know this Quarter results.

  1. ydnar1

    Joined: Dec 1969

    0

    re: flirting with $160

    I just wanna know when the stock is gonna split...is that, like, passť these days?

  1. JackWebb

    Joined: Dec 1969

    0

    split

    It will split. It has split at lower per share values before. I just wonder if it will still be only a 2 for 1 split.

  1. vasic

    Joined: Dec 1969

    0

    No more flirting

    At this point (after-hours) it's a downright sordid love affair ($163.1).

    As for splits, not gonna happen. ST said so himself. Apple is no longer small-cap (nor mid-cap) company. It is now the largest computer maker in the world (larger than HP: $141B, vs. Apple: $140B). There is no benefit whatsoever to have stock trade at some double-digit value. Google is in the upper $500s, and it isn't splitting either.

    It seems that Apple is now following Warren Buffet's philosophy: never split ever. Berkshire-Hathaway is now $121,000 per single share. Obviously, small-time amateur investors cannot afford this stock. That means only folks with money and experience trade it. Therefore, it doesn't experience wild emotional swings that AAPL goes through several times every year.

    Basically, no splits any more. If you can't afford it at $163, buy something cheaper (MSFT is around $30 these days...)

  1. vasic

    Joined: Dec 1969

    0

    ST??? SJ!

    Just a typo.

  1. vasic

    Joined: Dec 1969

    0

    more typos...

    I should call it a day... HP: $131B; AAPL: $140B.

  1. e:leaf

    Joined: Dec 1969

    0

    I don't see

    a split anytime soon. During their annual shareholder meeting, Jobs said that they were going to try the Google route, and allow their stock price to be as is without a split if they can avoid it. That Apple's stock has risen around $60 per share since then, I don't see a split coming.

  1. ydnar1

    Joined: Dec 1969

    0

    re: flirting with $160

    well at least i got my shares 16 months ago at $62...dammit!

  1. climacs

    Joined: Dec 1969

    0

    no split

    there won't be any split, I read it here several months back. Apple wants the stock to have a high value like other top-tier hi-tech stocks (Google, Yahoo).

  1. Constable Odo

    Joined: Dec 1969

    0

    Don't get excited...

    If you're lucky you might see Apple reach $180 this year. It'll reach it and pullback within a day to $170 as the investors grab profits. RIM will probably reach $185 and stay there before Apple does. Apple moves slowly because that's how their investors think. Apple doesn't have investors confident enough to push up Apple quickly. Hope for a couple of points a week and be satisfied. Maybe next year a whole crop of new investors will be willing to take chances with Apple. Unless they all decide to go to Chinese stocks where stock prices rise quickly by just saying the words "it's a sure thing".

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