NEW YORK ( TheStreet) -- If you asked me right now which two stocks I'd want to buy more of, the answer would be a no-brainer.
In alphabetical order I'll start with one of the favorite among numerous billionaires including activist investor Carl Icahn, and that's Apple (AAPL), the most valuable publicly traded company in America.
In spite of all the supposedly worrisome news and events, the stock market is rocking and rolling after its August snooze. Some news makes me snooze, but not what Apple is about to unveil on Tuesday.
On Monday, analysts from brokerage firm Cowen and Co. predicted the purveyor of iPhones and iPads will increase its revenue as it unveils more products and services during the coming year.In a research report, Cowen analysts Timothy Arcuri, Kenneth Lee and Bryan Prohm claim investors have been underestimating the lucrative potential of Apple's best products. The firm maintained its outperform rating on Apple's stock, as well as a $550 price target. That helped shares to rally to almost $508 before cooling down to just above $506. The reason I bought more Apple on Monday and added to the slightly lower-than-normal average daily volume is partly because I'm expecting some positive surprises when the company speaks Tuesday. I'm placing a good deal of hope that a distribution deal with China Mobile (CHL) will ignite the stock higher. I'm not expecting a big pop if the announcement comes, but it may add another $10 a share. If Apple announces a deal with China Mobile of selling the iPhone 5c but says it will be delayed a couple of months, I'll wish I'd waited until after the news because this could disappoint traders who may sell Apple's stock. The shares have recently had support between $486 and $490, and so I'm not expecting a big correction if the company doesn't "sell the sizzle." In fact, I may take the opportunity to buy more. That's because I think between now and the middle of next year Icahn will have his way with Apple and figure out how to bring the share price up to his estimated current fair value of around $600.
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