Why Apple (AAPL) Is Up Today

Update (4:34 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.

NEW YORK (TheStreet) -- Apple (AAPL) rose 2.01% to $557.36, up $10.97 from its previous close of $546.39, at the close of the trading day on Wednesday as the deal to offer its iPhones through China Mobile (CHL) gets ready to commence.

The stock had a volume of 12,001,374, slightly more than its average volume of 11,391,000. It hit a high of $560.20 and a low of $551.66 for the day.

Apple CEO Tim Cook indicated Wednesday that the company plans to strengthen its ties with China Mobile in order to grow in the world's largest smartphone market by shipments. The deal, which took six years of negotiations, finally allows Apple to offer its iPhones through all three of the China's state-run carriers.

The Wall Street Journal reported pre-orders for iPhones through China Mobile already exceeded 1 million.

Apple also settled its Federal Trade Commission complaint, which argued that Apple did not take enough action to stop children from making purchases on mobile apps without their parents' consent. The FTC announced Apple agreed to refund at least $32.5 million for all unauthorized charges. The company also agreed to amend its billing procedures on its mobile apps to make sure that it receives explicit consent from its customers before it charges them.

The FTC claimed parents did not know that entering their passwords on their mobile devices meant that their children had a 15-minute period to make purchases without the adults' consent or even knowledge. FTC Chairwoman Edith Ramirez said that children accumulated millions of dollars through this method.

TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

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