This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Apple Hits New High (Update 1)

Stocks in this article: AAPL JPM

Apple story updated with new high and closing price.

CUPERTINO, Calif. ( TheStreet) -- Apple (AAPL) 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.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs