Apple stock closed at an all-time high of $81.50 per share on Wednesday November 3. Pulling out of the UK Mac Expo, and a series of publicity blunders with regard to its G4, failed to dent its value. With $400 million of unfulfilled sales on the order books, and a newly-revamped iMac line hitting the shops it is perhaps no surprise.
The record stock price is attributed to various positive analyst predictions, Reuters has reported that Andrew Neff of Bear Stearns has raised his price target for Apple to $90-$95 – up from $75-$80. This revised price target was based on a positive short-term outlook, and a strong Internet strategy.
With the iMac expected to sell well in the retail channels, most analysts are bullish about Apple's prospects for the next quarter. The company itself is happy to have regained the ground lost by its recent depressed profits for the last quarter, and the now legendary supply problems with regard to G4 chips.
The stock price surge passed across the whole Nasdaq Composite Index, which gained good ground reaching a new historical high at 3,000 points on the day - with the notable exception of ebay, which lost over three per cent of its value.