Best day ever for Apple stocks in 2013

By IVCPOST Staff Reporter

Jul 25, 2013 07:42 AM EDT

Shares of the tech giant Apple experienced what was probably the best day it had this year. Apple stocks rose 5.1%, closing at US$442.50 per share. This marked the biggest one-day percentage gain for the company this year.

The credit goes to the better-than-expected earnings it reported for the latest quarter. Strong sales of its iPhone products also lent a hand to the current performance of Apple's stock in the market.

As a result, analysts became more and more confident of a release for the new iPhone soon. Analysts were thinking of a release date between now and the fall. "We think Apple's forecast implies a new iPhone launch at the very end of the September quarter, at best," said Brian Colello at Morningstar.

Another reason for investors to rejoice was the steep discount at which Apple was currently trading in the broader market. "Apple is a very good company that is trading at cheap levels compared to rest of market," Laurence Balter, chief market strategist at Oracle Investment Research said. "I think people should look at the near term perform as opportunity," Balter added.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics