Apple iNvincible? Shares Soar to Record High Ahead of Earnings
Apple is iMpervious.
As the market struggles amid competing sovereign debt issues (Greece, Italy, U.S.A., take your pick), the Apple juggernaut rolls ahead. Today it is up nearly 2% at $371.21, a fresh record high. That gives the iUbers a market cap of north of $340 billion. (ExxonMobil still tops the pops at more than $400 billion.)
Apple reports earnings tomorrow after-the-close, which is probably stoking some buying. The shares have rallied sharply in the last month, gaining 18% since June 20.
Ahead of today’s open, J.P. Morgan recommended investors make bullish bets on Apple’s earnings news. Apparently some folks listened. Shares got another boost in early afternoon as Apple mentioned the magic word: China.
Apple said it plans to make its iPhone more widely available in China and is in talks with the nation’s largest mobile carrier, China Mobile Ltd.
Among rivals, Motorola Mobility is up 2%, bouncing off recent lows. Research in Motion is off 3.3%, Nokia is down 3% and Google is flat.
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