“Apple Inc. watched its shares jump past the $100 to set a new all-time high Thursday morning after the company reported an 88% surge in second-quarter earnings,” Dan Gallagher reports for MarketWatch.
Gallagher reports, “The results – reported after Wednesday’s close – blew past Wall Street’s estimates for the period. The boost to the bottom line came from strong sales of Mac computers and iPods as well as a drop in memory prices. Shares of Apple were up 5.35, or 5.6%, at $100.70 in early trading Thursday. That set a new all-time high for the shares, on a split-adjusted basis.”
Gallagher reports, “The Cupertino, Calif.-based electronics maker has seen its share price gain more than 50% in the last 12 months.”
“Most of Wall Street [are] bullish on the shares… Chris Whitmore of Deutsche Bank lifted his price target to $140 from $130. ‘We believe Apple’s share price will be supported by continued strong customer uptake of iPods, iPhones and new Mac product roll-outs.'”
Full article here.