Will Apple Reach $500 in February?

NEW YORK ( TheStreet) -- Shares of Apple ( AAPL) were on a tear this week, rising nearly 8% since Monday to $496.07 in recent trades.

The stock has also risen 23% since January.

Reports that consumer electronics giant would be releasing an iPad 3 next month sent Apple's stock soaring to new highs. The updated tablet will have better graphics, a faster processor and a higher resolution display, according to The Wall Street Journal.

Apple's gains came in spite of labor protests demanding that the company change its working conditions in Chinese factories, as well as the release of Steve Jobs' FBI file.

But will Apple pass the elusive $500 benchmark this month? Only time will tell. Take our poll and let us know your thoughts!

Will Apple Reach $500 in February?

Definitely! The stock is on a tear.
Nope, I see a sharp drop coming.
$500? Try $600!!

--Written by Olivia Oran in New York.

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

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

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