“Carl Icahn picked the perfect time to talk up Apple Inc,” Tomi Kilgore reports for The Wall Street Journal. “The stock was already on the verge of a big breakout, says Asbury Research director of research John Kosar, and Icahn just helped it along, paving the way for a potential further 13% gain from Tuesday’s closing price. Shares recently rose more than 1% in early Wednesday trading, jumping as high as $499.93.”
Kilgore reports, “Kosar noted the stock had opened above key resistance at the $465-to-$470 level, which was the upper boundary of a sideways trading range the stock has been stuck in for the last six months. The bottom of that range was roughly $385 to $390. In addition, he said the stock was already trading above the 200-day moving average for the first time since Nov. 2, 2013 [sic: should be “2012”]. He said the next key resistance area is the $506-to-$522 range, which was previously strong support at the May and November 2012 lows. However, Kosar targets an eventual advance to $555.”
Read more in the full article here.
Related articles:
How Carl Icahn will accelerate Apple’s ascent – August 14, 2013
Billionaire Carl Icahn says Apple shares could trade at $700 with increased buyback program – August 13, 2013
Carl Icahn spells the end of an era at Apple; this is the end for the Apple that you knew and loved – August 13, 2013
Carl Icahn reveals large Apple position, reportedly over $1 billion; wants to see Apple increase stock buybacks – August 13, 2013
Apple stock goes vertical: The Carl Icahn effect – August 13, 2013
Go baby, go! Up, up and away… 🙂
With all respect to our Technical Analysis friends, I really don’t believe Apple is a stock that should be traded from a technical perspective. It is a close to being a fundamental play as I have ever come across due to its highly correlated relationship with consumer spending. Is Support and Resistance really going to matter if the figures spook/excite Wall Street?
What tech stock amongst the many weathered the Great Recession and stormed to remarkable sales records during that Recession? Apple did and only Apple.
I think you may be confusing Technical Analysis trading and Technology stocks.
About bloody time.
All of this is direct proof that the stock market (investors/analysts, etc) itself is driving Apple’s stock prices/market value, not Apple, not TC, not SJ.
I am very pleased that Apple, the engineers, TC and others are more focused on the products, product quality, and end user usability, than the stock price OR a timed product introduction for the sake of product introduction.
Quarterly and Yearly planned product introduction dates is a short term ploy that maims a company in the long run. Icahn is manupilating the stock and in turn trying to build up enough clout (with the media) to manipulate Apple for his benefit. I wouldn’t be surprised if he got paid to influence Apple in a specific way to get them off track in their focus in one way or another.
Wow, I had no idea how accurate that last paragraph had so much “speculative” truth, as in this post:
Apple finally has a higher P/E ratio than Microsoft. I can’t believe it. All that’s left is to see Apple at least move into positive territory for 2013. All the profitable and not so profitable tech stocks were cruising with the Dow and NASDAQ but only Apple stayed in the toilet. I sure hope to see a reversal in the latter half of 2013. I’m not letting this week’s moves go to my head. I’ll only feel comfortable when I hear Apple starts selling lots of iPhones in the U.S. and abroad. A tweet shouldn’t have the power to move a stock so much. That’s pure manipulation good or bad for Apple.
At the time of posting this, AAPL is at $503.395
Woo hoo, gonna get the new sun room built now.
Nice bump, Carl, but we all know if Apple hits a lull you will dump and take your money and cause even further tanking of AAPL. It is about your money and your profits, not loyalty in a world changing company. Go in longterm like the rest of us before you tweet, Carl.
Steve Jobs ignored Wallstreet because he knew they would push AAPL off a cliff at any blip…just like 700 dropping below 400. To those folks, it is not about Apple…it is about their pocketbook. Word on the street is that Apple has crested innovation wise. I beg to differ in great fashion.