“Apple’s stock hit a 2016 high on Wednesday, with its market value peaking above $600 billion for the first time since April as Wall Street bet the technology company’s newest iPhone would help shore up falling sales,” Noel Randewich reports for Reuters.
“Fueled by U.S. wireless carriers’ reports of strong early orders for the iPhone 7 as well as arch-rival Samsung Electronics’ widely-publicized recall of potentially exploding Galaxy Note 7 smartphones, shares of Apple rose as much as 4.7 percent to $113.03 for a gain of 10 percent in the past three days,” Randewich reports. “Its market capitalization reached nearly $607 billion, compared to $535 billion for Alphabet (GOOGL.O) and $440 billion for Microsoft.”
“After sinking to a two-year low in July that had portfolio managers describing Apple as a value stock and no longer a growth play, shares of the world’s most valuable listed company have since rebounded 25 percent,” Randewich reports. “Also up on Wednesday were companies supplying chips and other technology for iPhones: Cirrus Logic (CRUS.O) rallied 4.3 percent, Skyworks Solutions gained 3.8 percent and Jabil Circuit added 2.8 percent.”
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MacDailyNews Take: From our jam-packed iCal, July 2016:
Our opinion [is] that Apple has peaked under the leadership of CEO Tim Cook. — Colin Gillis of BGC Financial L.P. as he downgraded the stock to ‘Sell’ and lowered his price target by 23% to $85.
SEE ALSO:
Analyst downgrades Apple, says company has ‘peaked under the leadership of CEO Tim Cook’ – July 25, 2016