Neil Hughes
Apple's best-ever quarter has turned into serious gains for the company's stock price, which reached new all-time highs during intraday trading on Friday, briefly reaching the $120 threshold.
Shares of Apple touched the $120 mark multiple times just after the market opened Friday morning. The stock was unable to break that barrier, however, facing resistance beyond that barrier.
Prior to Friday's gains, Apple's previous all-time intraday trading high came on Nov. 25, 2014, when shares of the iPhone maker peaked at $119.75. The company's stock later cooled off and closed that day at $117.60.
If shares of AAPL can maintain their current levels until the end of trading today, the company could exceed its all-time-high closing price of $119 achieved on Nov. 26, 2014.
After peaking at $119 in November, Apple saw its stock price fluctuate around the $110 range for a few months. But the stock has seen significant gains this week following the results of its first quarter of fiscal 2015, in which the company sold an astonishing 74.5 million iPhones, blowing away market expectations.
Apple's blockbuster quarter caused analysts to raise their price targets on shares of the company, with many on Wall Street predicting that Apple will trade at $130 or higher in the next year. But with each day's gains, that $130 price range gets closer.
The most lofty projection for shares of AAPL comes from billionaire activist investor Carl Icahn, who set a price target of $203 last fall. Following this week's results, Icahn said he will revisit his estimates and potentially increase them, as he believes Apple is a "no-brainer" investment.
AppleInsider Staff
Andrew Orr
Amber Neely
William Gallagher
Christine McKee
57 Comments
Wild dance moves for AAPL this morning...like an earthquake.
There will probably be quite a few anti-Apple critics claiming that the $120 mark is like breaking the sound barrier. Once Apple exceeds that number, Apple's wings will fall off and break apart and Apple will go down in flames.
Still too low. How many records will Apple have to shatter before these bozos get it?
There will probably be quite a few anti-Apple critics claiming that the $120 mark is like breaking the sound barrier. Once Apple exceeds that number, Apple's wings will fall off and break apart and Apple will go down in flames.
At the very least, AAPL seems to have run out of wind.
I don't think it has stopped its ascent... just going to take a breather.
[quote name="island hermit" url="/t/184578/shares-of-apple-reach-new-all-time-high-of-120-after-record-holiday-quarter#post_2668961"] At the very least, AAPL seems to have run out of wind. I don't think it has stopped its ascent... just going to take a breather. [/quote] What traders like to call "resistance" is completely phony and just part of traders trying to psyche each other out.