Apple’s stock closed above $50 yesterday.
Apple closed at $51.4375 yesterday, a rise of $2.9375 on the day. The stock held the gains on the after-hours market. Apple has gained over $4 this week on 12.238,300 share trades.
Values began rising above the $48 ‘stock-support zone’ on Wednesday, following Apple CFO Fred Anderson’s assertion that Apple would return 35 per cent revenue growth in the financial year 2000. The year ends on September 30.
Positive analyst comments emerged yesterday, as Andy Neff at Bear Sterns – who recommended buying Apple shares – talked of two potential product launches: one at Seybold, during Steve Jobs’ keynote speech, another at Apple Expo Paris, in September. Rumours are rife of a PowerBook launch at Seybold.
MacCentral’s Brad Gibson reports Kevin McCarthy, a Donaldson, Lufkin and Jenrette analyst, saying: "I think Apple is going to get more aggressive and come out with more new upgrades to existing products much faster."
The company is in a stronger position than its competitors to do this, due to its low stock-in-hand levels.