October 16, 2013
Shares of Apple are once again trading at around $500. The lift comes ahead of Cupertino’s Oct. 22 iPad event, and after the company announced the hiring of Burberry chief Angela Ahrendts, to oversee its retail operations. On Tuesday, Apple's share price jumped just under 1 percent. Since the beginning of October, shares have risen nearly 5 percent. Since mid-July, they have climbed almost 20 percent. For the year, Apple’s share price remains down, 23 percent. Meanwhile, Bloomberg Businessweek explains, “Why the iPad Is More Important Than The iPhone,” in terms of Apple’s share price. According to the report,
By at least one measure, as the iPad goes, so goes Apple stock. Quarterly iPad revenue has a 68 percent correlation with Apple’s share price. That’s higher than the stock’s correlations to iPhone revenue (62 percent) or Mac revenue (40 percent).Apple’s 2013 iPad event will be held next Tuesday at the Yerba Buena Center for the Arts in San Francisco, Calif. beginning at 10 a.m. PDT. The event will focus on a new wave of iPads and Macs, including the iPad 5 and iPad mini 2. On Tuesday, Apple announced the hiring of Ahrendts, who is currently the Burberry CEO. She will serve Apple in the newly created position of senior vice president of Retail and Online Stores. Prior to Burberry, she was executive vice president at Liz Claiborne Inc., and earlier in her career she served as president of Donna Karan International. She joins Apple next spring.