“Maybe I ought to just shut up. Despite telling readers that Apple’s (AAPL) stock split was meaningless and that the shares were overvalued even for a Rule Breaker like me, the stock has continued to go up, up, up. What the heck is going on? Well, at the risk of earning an undisputed claim to the title ‘master of the obvious,’ the answer is this: Apple continues to perform in every area of its business. Witness yesterday’s announcement that the iTunes Music Store has passed 300 million downloads and now boasts a library of more than 1 million songs,” Tim Beyers writes for The Motley Fool.
“Apple reported 200 million downloads on Dec. 16. That’s 75 days to add 100 million songs, or 1.3 million downloads per day. It took Apple 156 days to go from 100 million to 200 million downloads, or a rate of 641,000 downloads per day. Though these are nothing more than estimates it does appear that Apple has doubled its rate of daily music downloads in a little more than six months… [And] The Mac maker has reportedly sold more than 10 million [iPods]… At some point Apple’s hits are bound to stop, but can anyone really predict when that will be? Nope. So, at least for now, I’m done trying,” Beyers writes.
Full article here.