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Apple's New Software Will Fuel Sales of New AppleTV, iWatch: Stocktwits

Stocks in this article: AAPL

NEW YORK (TheStreet) -- Apple  (AAPL) investors and analysts swallowed their disappointment over the lack of hardware news Tuesday and began digesting the dozens of software announcements to come out of Apple's Worldwide Developer Conference. Surprisingly, given yesterday's stock performance, they like what Apple's cooking.

$AAPL People obviously seeing the software improvements as the foundation for the new house! This really is about software and the ecosystem ? MrX (@MrX) Jun. 3 at 09:55 AM

The stock rose more than 1% this morning after closing down about 1% yesterday. By 11:30 a.m., Apple stock settled back down a bit to a bit over $634, up 0.9% for the day. Sentiment is 78% bullish, according to StockTwits analytics.

$AAPL blasting higher so far this morning after ridding itself of overanxious WWDC sellers. ? Paul Johnson (@StkCon) Jun. 3 at 10:00 AM

This morning Canaccord Genuity analyst Michael Walkley raised his price target on Apple by $50 per share to $710, according to the Analyst Ratings Network. In a note to clients yesterday, RBC Capital analyst Amit Daryanani boosted his price target by $30 per share to $675.

Apple's conference focused on upcoming operating systems and developer tools. The company launched a new programming language called "Swift" that it promises will allow developers to create apps faster without clunky code that can cause errors. It showcased its upcoming Yosemite operating system for Macs and IOS8 for mobile devices. Both feature robust kits for editing photos, remotely securing and monitoring the home, and tracking health information. Perhaps most importantly, it synced all its devices to work together and mirror each other's capabilities: your Mac can become a speakerphone, your iPhone can be a mobile workstation.

"You have seen how our operating system and devices and services all work together in harmony. Together, they provide ad integrated experience," said Apple CEO Tim Cook in his closing remarks at the conference. "We create a seamless experience for our users that is unparalleled in the industry. This is something that only Apple can do."

Apple investors on said that seamlessness and Apple's robust software kits will help drive hardware sales, and vice versa. Apple's Healthkit and app, for example, could become a reason why people buy the rumored iWatch. The watch could link into the health software to monitor heart rate, burned calories and athletic performance when exercising. And Apple TV could easily become the new center for monitoring the house.

$AAPL 1 of 2 - A hw strategy needed by Apple to build around both Healthkit and Homekit given early stages of adoption and device barrier ? Sri (@vatsid) Jun. 3 at 10:09 AM

$AAPL 2 of 2 To that end Apple TV may showcase to partners on home 'hub' while a iWatch may become a good showcase for Helathkit partners ? Sri (@vatsid) Jun. 3 at 10:11 AM


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At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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