“Shares of Apple Inc. enjoyed their best gains in more than two months on Monday morning, amid signs that the battered consumer tech giant is strengthening its business in some key ways heading into a new product cycle in the second half of the year,” Dan Gallagher reports for MarketWatch.
“By midday, Apple’s shares were up 3.6% to $410.70. If the gains hold to the close of the session, it would be the first time the stock has added more than 3% in a single day since April 29, when the shares got some juice in anticipation of the company’s first bond sale,” Gallagher reports. “This also came after the stock dipped below the $400 mark last week for the second time in the last three months.”
“That period has been marked by worsening sentiment by investors on Apple, which sparked an upgrade from Raymond James on Monday,” Gallagher reports. “In his note to clients, analyst Tavis McCourt cited the ‘horrible’ sentiment on the stock as part of the reason for his upping the shares to a ‘strong buy’ rating. He also noted that the company is likely on the precipice of a new ‘phase’ in the mobile computing revolution, where mobile ecosystems will get expanded into new areas such as cars, TVs, home appliances and other form factors.”
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