“Apple Computer Inc. rose more than 5% Tuesday to a new all-time high as investors bet the company will unveil a new iPod product this week that will help extend Apple’s dominance of the digital music market,” John Shinal reports for MarketWatch. “Apple (AAPL) shares rose $2.58 to $48.80 in trading that was almost twice the average volume. Earlier, the shares touched $48.88 in afternoon trading, a new record.”
“Apple and Motorola Inc. are widely expected to unveil a mobile phone that will include Apple’s technology for downloading songs from the Internet onto portable music players, and have scheduled a press event in San Francisco for Wednesday,” Shinal reports. “The iPod controls 75% of the market for such portable music devices, and investors are betting that the new product will help Apple protect its dominant position as cell-phone makers look to build digital music capability into their products. While Apple has sold more than 20 million iPods since the product’s introduction in 2001, consumers worldwide buy hundreds of millions of cell phones each year. If Apple can get a share of those sales, it could boost sales growth at the iconic computing company.”
Full article here.
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