Apple Stock Gaining Momentum Ahead Of WWDC, Busy Fall Season
by Brent Dirks
May 5, 2014
Apple’s stock is surging upward. For the first time since October 2012, Apple closed today at above $600 on the NASDAQ.
The stock has been on a decidedly upward trend since Apple announced its earnings for the second quarter of FY 2014 on Wednesday, April 23.
Led by strong iPhone sales, Apple beat analyst estimates and recorded revenue of $45.6 billion during the time frame that ended on March 29. The company sold 43.7 million handsets, compared to 37.4 million iPhones during the same quarter in 2013.
Before the earnings were announced that day, the stock closed at $524.75. So the stock has risen almost 13 percent in a little less than two weeks. Since the beginning of 2014, the stock is up 35 percent.
During the earnings call, Apple also announced a 7-for-1 stock split that will happen in early June.
The last two weeks bode well for Apple stock for the rest of 2014. While WWDC, which begins in early June, is expected to focus on software, the company is widely expected to announce the iPhone 6 and long-rumored iWatch in time for the holiday shopping season.
For other news today, see: Jury Recalculates Damages In Apple-Samsung Trial, But Leaves Original Award Intact, Swatch Doesn’t Want Apple’s Wearable Device To Be Called The ‘iWatch,’ and Now You Can Buy Products Through Twitter With The New #AmazonCart Feature.
