“Investors pushed shares of Apple Computer Inc. to another 52-week high yesterday, the day after the Cupertino, Calif.-based company announced another new product that could boost its digital entertainment product portfolio,” David Akin reports for The Globe and Mail.
“‘Apple is undergoing a transformation from a cool computer company to a leading provider of digital entertainment and media solutions for professionals and consumers,’ analyst Steve Lidberg said in a research note published yesterday. Mr. Lidberg’s firm, Pacific Crest Securities of Portland, Ore., initiated coverage of Apple with that note. Pacific Crest has no investment-banking relationship with Apple,” Akin reports.
“The stock, which trades on the Nasdaq Stock Market, hit an intraday 52-week high of $30.44 (U.S.) — the second day in a row it hit such a high — before settling to close at $30.35, an improvement of 54 cents or 1.8 per cent from the previous day’s close. The stock hit its 52-week low of $16.63 in June, 2003,” Akin reports. “Analysts say the stock has nearly doubled in the past year largely thanks to the success of the iPod, a portable digital music player.”
Full article here.