Shares of Apple reach highest-ever closing price as 'iPhone 6' & 'iWatch' hype builds
Neil HughesThe New York Stock Exchange, credit Carlos Delgado via Wikipedia.
After meeting some resistance at the $100 mark, shares of Apple stayed in three-digit territory and closed above their previous all-time high in Tuesday afternoon trading, setting a new record for the company's stock.
Having overcome the $100 threshold, shares of AAPL stock went as high as $100.68, which was just below the company's highest ever intraday share price in post-split trading. When the market closed at 4:00 Eastern, Apple finished the day at $100.56.
Apple's previous split-adjusted closing record high was $100.30.
The record comes as hype is building for an anticipated Sept. 9 event where the company is expected to announce its next-generation "iPhone 6" smartphone in two screen sizes: 4.7 inches and 5.5 inches. In addition, the company is also heavily rumored to be planning an October event where it could unveil a wrist-worn "iWatch," along with refreshed iPad models featuring Touch ID fingerprint sensors.
Apple's gains on Tuesday were helped by a ringing endorsement from analyst Katy Huberty of Morgan Stanley, who issued a note to investors laying the case that it's an ideal time to buy in to the company ahead of a strong product launch cycle this fall. In particular, Huberty has high hopes for an anticipated "iWatch," predicting that the company will sell 41 million units in its first year alone.
Although Apple reached a record share price on Tuesday, the company remains well behind its highest-ever market capitalization of over $665 billion. As of Tuesday, Apple's market cap was valued at just over $602 billion.
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