AAPL Stock: 118.47 ( + 0.66 )

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AAPL tops $450 for first time since mid-May

updated 11:14 pm EDT, Tue July 30, 2013

Cook trip to China, Greenlight holdings may help buoy stock

Though both the S&P and Dow Jones averages rose little on Tuesday, Apple stock rose 1.2 percent to close at $453.32 -- the first time the stock has closed over $450 since mid-May, and on the heels of the revelation that Apple CEO Tim Cook is again in China, talking to current partners and possibly trying to break the logjam that has kept the iPhone out of China's largest carrier, China Mobile. This is Cook's third trip to China since becoming CEO, with all the trips centered on boosting iPhone sales in the region.

In addition, Greenlight Capital revealed today that it continues to hold over $1 billion in shares of AAPL, and expects a "global market correction," saying it is holding on to positions that "cost us the most." President David Einhorn believes Apple's stock is undervalued, particularly in light of the company's more aggressive moves to return money to shareholders through surprisingly-large stock buybacks and recently-increased dividends.

Cook's trip to China has no announced meeting with China Mobile, the country's largest cell carrier, but instead has Cook briefing Apple's two current carrier partners, presumably on upcoming iPhone products expected this fall, including a rumored mid-range iPhone often referred to as "low cost" by comparison to the cost of a current iPhone, the price of which far surpasses the average monthly take-home pay of a Chinese citizen.

by MacNN Staff



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