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Apple Hits New High (Update 1)

Apple story updated with new high and closing price.

CUPERTINO, Calif. ( TheStreet) -- Apple (AAPL - Get Report) shares hit new highs on Monday, shrugging off weakness in the broader stock market.

After hitting reaching a short-lived peak of $411.50 earlier in the day, the company's shares surged to another high of $413.23 on Monday afternoon despite nervousness over Greece's ongoing debt crisis. The Dow closed down almost 1%.

Apple shares retreated slightly to finish at $411.63, a hike of 2.78% on Friday's closing price.

Apple CEO Tim Cook

Even amid worries about consumer spending, Apple's next-generation iPhone looks set to continue the tech giant's upward trajectory, likely fueling investors' bullishness.

Initially expected to debut in September, chatter continues to swirl around the new iPhone. In a note released on Monday, for example, JPMorgan predicts that Apple may launch two new iPhones during the fall. One of the new devices would be an iPhone 5 capable of running on both GSM and CDMA+ networks, according to Mark Moskowitz, who also expects a new phone geared toward the booming Chinese smartphone market.

An "iPhone 4-plus" offering minor improvements on the existing iPhone 4 would be a shrewd move, according to Moskowitz. "A device targeting China could add to Apple's super growth rates recently exhibited in the region," he added.

Apple's iPhone is currently sold exclusively by China Unicom in China, although the addition of other carriers would significantly extend Apple's presence in the world's most populous nation.

"Potential targets include China Mobile, which has China's largest subscriber base at approximately 600 million, or China Telecom with 100 million subscribers," explained Moskowitz.

China is certainly looming large in Apple's future. Apple's revenue from greater China, which encompasses mainland China, Taiwan and Hong Kong, grew 600% year over year during the company's recent blowout third-quarter results.

Speaking during a July 19 conference call to discuss the results, Apple's new CEO Tim Cook admitted that the company is still "scratching the surface" of China and cited the "incredible opportunity" offered by the country.

The Cupertino, Calif.-based tech giant has not yet responded to TheStreet's request for comment on this story.

--Written by James Rogers and Scott Moritz in New York.

>To follow the writer on Twitter, go to http://twitter.com/jamesjrogers.

>To submit a news tip, send an email to: tips@thestreet.com.

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