Apple Inc. (NASDAQ:AAPL) set its highest closing price of 2013 yesterday, when it closed at $566.32. The stock has not closed this high since December 4th of 2012, which makes this the highest close in more than a year. The stock could be well on its way to the $600 price target set by Investor Place for January of 2014.
The holiday season is ramping up for Apple, and great numbers from Black Friday and Cyber Monday have no doubt helped to bolster the stock’s share price. It could be an Apple Christmas after all, if things keep looking up for the Cupertino company.
No New iPhone
Last year’s holiday season marked one of the best that Apple has ever seen. The launch of the iPhone 5 and iPad Mini boosted sales figures through the roof, and the stock hit highs of more than $700. The following months left shareholders feeling deflated as the stock then plummeted to less than $400 per share, dashing the hopes of hitting $1100 price targets set by over enthusiastic analysts.
Apple Looks Good
Apple is looking good these days, and although there is no new iPhone this year, the launch of the iPad Air and iPad Mini with RetinaDisplay have proven sufficient attention grabbers. The public is snapping up these two products, and Apple had even experienced a supply constraint on the iPad Mini with Retina Display. Those issues seem to be easing now, and the device is proving to be a popular gadget.
The stock is on the move again today, following yesterday’s encouraging close. Currently it is trading at $563.52, which is a $2.80 decrease from its opening price. However, the stock has been fluctuating above its opening price most of the morning. No doubt, it will close near the same price it did yesterday, if not above that price.