Apple stock closes above $700 for first time after hitting record-breaking intraday high

Posted:
in AAPL Investors edited January 2014
Apple stock reached another milestone on Tuesday, reaching all-time intraday and closing highs just one day after breaking the $700 barrier for the first time in after-market trading.

On Monday, AAPL shares jumped $8.52, or 1.23 percent, to reach $699.78 by the closing bell and managed to briefly pass the $700 mark in after-market trading.



While Tuesday only saw a minor bump of $2.13, or 0.3 percent, it was enough to push the stock price to $701.91, the first time Apple shares closed above $700 in company history. The Cupertino tech giant now has a market cap of nearly $658 billon, a value more than $250 billion higher than America's second-largest company Exxon Mobil.

A new intraday record was also set on Tuesday as the stock reached $702.33 less than an hour before the NASDAQ closed.

Thought to be a major factor in the stock's rise is Apple's record-breaking iPhone 5 pre-order round that saw two million orders in 24 hours.

In a subsequent note to investors, Piper Jaffray analyst Gene Munster said Apple is likely to sell about eight million iPhone 5 units in its first weekend of sales, a number that doubles the results from last year's iPhone 4S launch. He goes on to say that by the end of the quarter, the smartphone could reach a lofty 10 million unit sales.

Apple's newest handset is set to roll out on Friday in nine countries, to be followed by an additional 22 countries on Sept. 28 in what will be the company's fastest product rollout ever.
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Comments

  • Reply 1 of 49
    Ahh... some of those first AAPL shares I bought for $17 are looking pretty good about now.
  • Reply 2 of 49
    But it's just a bubble, imagine how hard it will fall when Apple tanks, this doesn't mean anything because Samsung makes refrigerators, think of the children(!), rectangle patents, Foxconn suicides oh my!, Apple hates babies, satsfied customers are biased, Steve would never have allowed this, Lucy Koh hates Samsung (especially when she leaves it up to a jury), iOS is stale, etc., etc., etc.





    /s





    Did I miss anything?
  • Reply 3 of 49

    Quote:

    Originally Posted by Dick Applebaum View Post



    Ahh... some of those first AAPL shares I bought for $17 are looking pretty good about now.


    I hear that! Don't know about you but I'm very lucky and proud to be shareholder. 

  • Reply 4 of 49
    They own tablet market the stock will continue to go up until the iPhone under performs. I don't see it this year at least...
  • Reply 5 of 49

    Quote:

    Originally Posted by ShAdOwXPR View Post



    They own tablet market the stock will continue to go up until the iPhone under performs. I don't see it this year at least...


    they can make 5 shitty iphones, 5 shitty iPads and 5 sh*tty mac models and not sell more than 12, they will survive 30 years.


     


    Apple is safe... they will keep going up. their P/E is ridiculous. 

  • Reply 6 of 49
    Now that Apple is the most valuable company in the world and according to Tim Cook "makes much more money than they need to operate" they ought to consider lowering prices across their line to make them more competitive with Windows PCs.
  • Reply 7 of 49

    Quote:

    Originally Posted by Waverunnr View Post



    Now that Apple is the most valuable company in the world and according to Tim Cook "makes much more money than they need to operate" they ought to consider lowering prices across their line to make them more competitive with Windows PCs.




    'Competitive' by lowering prices on products that are already outselling your competition both in quality and performance?  You're not serious are you?

  • Reply 8 of 49
    waverunnr wrote: »
    Now that Apple is the most valuable company in the world and according to Tim Cook "makes much more money than they need to operate" they ought to consider lowering prices across their line to make them more competitive with Windows PCs.

    Deleted my unnecessarily snarky post.

    (melgross has a far better response).
  • Reply 9 of 49

    Quote:

    Originally Posted by Quadra 610 View Post



    But it's just a bubble, imagine how hard it will fall when Apple tanks, this doesn't mean anything because Samsung makes refrigerators, think of the children(!), rectangle patents, Foxconn suicides oh my!, Apple hates babies, satsfied customers are biased, Steve would never have allowed this, Lucy Koh hates Samsung (especially when she leaves it up to a jury), iOS is stale, etc., etc., etc.

    /s

    Did I miss anything?


     


    I think you've got it all covered, but you could have scored a few style points by slipping a good ol' fashioned "beleaguered" in there somewhere.

  • Reply 10 of 49
    jd_in_sbjd_in_sb Posts: 1,491member
    I wish Steve was around to see this.
  • Reply 11 of 49
    melgrossmelgross Posts: 31,895member
    waverunnr wrote: »
    Now that Apple is the most valuable company in the world and according to Tim Cook "makes much more money than they need to operate" they ought to consider lowering prices across their line to make them more competitive with Windows PCs.

    He didn't say " much more money than they need to operate". He did say that the evaluated their position as far as capital goes, and that they had more money than they needed to operate the company, and so they were going to return that money to the stockholders.

    In addition, most of that money is held overseas. Bringing it home would involve paying billions in taxes. Companies are loath to do that because they've already paid taxes on it, and feel that taxes paid locally on money made locally should be sufficient.

    It's naive to think that they should lower prices because of cash on hand and investments.

    You might as well convince Microsoft to lower prices on their software, as they have much higher margins on that than Apple has on its products. They've also got a large cash hoard. Same thing with the oil companies, and lots of others.
  • Reply 12 of 49
    iq78iq78 Posts: 256member

    Quote:

    Originally Posted by jd_in_sb View Post



    I wish Steve was around to see this.


     


    Ahh,... but better than Steve himself witnessing this... what about:


     


    Gates, Sculley and Balmer


     


    I'm glad they (and all the other chumps that doubted Job's vision for a business model) are able to witness it.


     


    Job's had to learn to respect operational perfection as well as product perfection to insure a hugely profitable company...   But once he did, Apple was destined for greatness.


     


    It's totally awesome that a company can be so successful by having it run by people who want to make great sh&t instead of just a sh&t load of money.   Obviously, the money follows.   But the focus on great products, great software and great user experience in EVERY possible detail is obviously what Apple has been focused on since Job's returned.


     


    Most companies follow the path:   "What will make us the most money?"  --->  "What will people buy to make us the most amount of money?" ---> "How can we cut corners to optimize profit and make the most money?" ---> "Let's make it."


     


    Apple seems to follow the path:   "What idea/device seems totally awesome?" -->"Let's design/develop it." ---> "Is it as cool as we thought it was going to be AND would I buy it?"    If yes to both -->"Let's make it"    If no to either -->"Let's not make it... yet (until price goes down or design improved)"

  • Reply 14 of 49

    Quote:

    Originally Posted by Waverunnr View Post



    Now that Apple is the most valuable company in the world and according to Tim Cook "makes much more money than they need to operate" they ought to consider lowering prices across their line to make them more competitive with Windows PCs.


     


    Haven't you heard that the growth in Windows PCs is flat and declining -- while the growth in Macs is raising and increasing?

  • Reply 15 of 49
    melgrossmelgross Posts: 31,895member

    It's certainly possible. That's only around 30% more than it is now. If Apple's sales and profits are more than 30% higher at the time it might make it, but if they are more than 50% higher, as is very likely, it's hard to believe it won't get there by then.
  • Reply 16 of 49
    jungmarkjungmark Posts: 6,716member

    Quote:

    Originally Posted by Quadra 610 View Post



    But it's just a bubble, imagine how hard it will fall when Apple tanks, this doesn't mean anything because Samsung makes refrigerators, think of the children(!), rectangle patents, Foxconn suicides oh my!, Apple hates babies, satsfied customers are biased, Steve would never have allowed this, Lucy Koh hates Samsung (especially when she leaves it up to a jury), iOS is stale, etc., etc., etc.

    /s

    Did I miss anything?




    Good start but don't forget about US jobs, under-aged Foxconn workers, and privacy issues.

  • Reply 17 of 49
    melgrossmelgross Posts: 31,895member
    jungmark wrote: »

    Good start but don't forget about US jobs, under-aged Foxconn workers, and privacy issues.

    There also has to be something about sex in there. Without that it will never be complete.
  • Reply 18 of 49
    Ahh... some of those first AAPL shares I bought for $17 are looking pretty good about now.

    How long ago was that?
  • Reply 19 of 49
    jd_in_sbjd_in_sb Posts: 1,491member

    Quote:

    Originally Posted by IQ78 View Post


     


    Ahh,... but better than Steve himself witnessing this... what about:


     


    Gates, Sculley and Balmer


     


    I'm glad they (and all the other chumps that doubted Job's vision for a business model) are able to witness it.


     


    Job's had to learn to respect operational perfection as well as product perfection to insure a hugely profitable company...   But once he did, Apple was destined for greatness.


     


    It's totally awesome that a company can be so successful by having it run by people who want to make great sh&t instead of just a sh&t load of money.   Obviously, the money follows.   But the focus on great products, great software and great user experience in EVERY possible detail is obviously what Apple has been focused on since Job's returned.


     


    Most companies follow the path:   "What will make us the most money?"  --->  "What will people buy to make us the most amount of money?" ---> "How can we cut corners to optimize profit and make the most money?" ---> "Let's make it."


     


    Apple seems to follow the path:   "What idea/device seems totally awesome?" -->"Let's design/develop it." ---> "Is it as cool as we thought it was going to be AND would I buy it?"    If yes to both -->"Let's make it"    If no to either -->"Let's not make it... yet (until price goes down or design improved)"





    Good analysis

  • Reply 20 of 49

    Quote:

    Originally Posted by Suddenly Newton View Post




    Quote:

    Originally Posted by Dick Applebaum View Post



    Ahh... some of those first AAPL shares I bought for $17 are looking pretty good about now.




    How long ago was that?


     


    2003 -- and there was a 2:1 split in 2005.


     


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