Apple Shares Tops $600 for the First Time

The world’s largest Cupertino-based technology firm Apple announced that it has hit the $600 mark on the NASDAQ for the very first time in the entire company’s history. This means that investors continue to show strong faith in the company to maintain its incredible growth.

Apple’s stock reached $600.01 in pre-market trading, but fell shortly after it opened to $599.82. The Cupertino-based firm’s stocks are trading at $592.72 per share at the moment.

It took only 23 trading days for company to boost its stock value from $500 to $600. However, it took 34 trading days to rise from $400 to $500 earlier.

Perhaps, the major reason behind the rise in stock it the fact that the company is going to launch its new iPad at 8 a.m. local time in 10 countries on Friday, just after a week it announced its tablet at its keynote event in Sans Francisco.

It was reported earlier that considering the fact that investors “still underestimate the earnings potential” of the Cupertino-based technology giant, Morgan Stanley has decided to raise Apple’s price by almost 40% – that is – from $515 to $720. It is quite reasonable when we see the increasing share price on the back of its recently announced iPad as well as expected new Mac and iPhone products.

Katy Huberty, an analyst pointed out a number of earnings drivers that would possibly push growth in Apple shares, quoting enterprise tablet adoption and a robust interest in advancing to a new LTE-equipped iPhone that could possibly be announced some time later this year.

In the recent few weeks, rumblings began to surface claiming a possible 4G-enabled iPhone, considering the new LTE-support in recently launched iPad. Good number of people expecting some similar sort of treatment from Apple to its next smartphone. David Small, CTO of Verizon Wireless also hinted that the operator will only offer 4G LTE-enabled devices by the end of 2012.

David Small revealed company’s handset plans in a response to the Verizon’s recent 4G outage that was caused by network updates as the carrier looks to widen its LTE networks.

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