Apple stock touches $600 in early morning trading ahead of iPad launch
Shares of the Cupertino, Calif.-based company hit the $600 mark just moments before the 9:30 a.m. opening bell, continuing the staggering rate of momentum that has seen the stock leap nearly $200 since the first trading day of the year, when it sat at $411.23.
Apple shares bounced around the $599 range during most of the pre-market trading session on Thursday before reaching an all-time high of $601.01. Shares quickly retreated, however, with little support from the Street at post $600 levels.
As it stands, shares of Apple are up significantly from earlier this week when it reached a new high of $568.10 on Tuesday. The stock has swelled in value ever since last week's unveiling of the new iPad during a media event hosted by chief executive Tim Cook in San Francisco.
It was just last month that the total market capitalization of Apple reached nearly a half-trillion dollars in value. By Thursday, the company's market cap had ballooned by another $50 billion to about $550 billion.
AAPL stock has rocketed higher in anticipation of the new iPad, which is set to go on sale at 8 a.m. local time in 10 countries on Friday. It will be the largest product launch day that Apple has ever orchestrated.
With initial online preorders already sold out, analysts have projected that Apple will sell at least 1 million of the new third-generation iPad on its launch day. As the launch comes late in the March quarter, industry watchers generally expect Apple to sell 10.1 million iPads in the current quarter, with sales rebounding in the subsequent June quarter.
Early projections have called for Apple to sell around 66 million total iPads in 2012. Significant growth for the iPad is expected to push AAPL stock even higher, with price targets of $710 at Canaccord Genuity and $720 from Morgan Stanley.
74 Comments
Doomed, I tell you.
Makes sense. The reviews are in and Apple has another winner with the iPad. Court cases are going in their favor. HBO is playing ball with Apple. They just hit 25 billion apps downloaded. And after all the excitement does down from another WWDC this summer anticipation for the iPhone 5 will build until its fall release in time for yet another record year.
No doubt, 2012 is the year of Apple.
Oh, I completely forgot the new MacBook Airs.
Wow! Apple has gone from undervalued to in the low $400s to $600 in less than 6 months, and from $500 to $600 in just a month. I'm sure the iPad is selling well, but part of me is wondering if Wall Street is again setting itself up with unrealistic expectations for earnings next month. I wouldn't be surprised to see it pull back for a few days, just like it did just shortly before last month's earnings release, before resuming a more gradual rise. Let's see what Apple has in store for iOS 6 and iPhone later this year.
FD: I'm long AAPL (I'm in for about 150 shares at an average price of $417).
Doomed, I tell you.
I hate to say this but this rapid rise in the markets overall and Apple's rapid rise above and beyond the market that seems "unnatural" despite Apple's clearly undervalued state that I wonder if a correction will occur within a week or so.
599.65.... Go go GO!!!
Doesn't it feel great to see a company you respect finally crack the ceiling?