Why Apple (AAPL) Stock Is Higher Today

NEW YORK (TheStreet) -- Shares of Apple Inc. (AAPL) are up 0.75% to $98.86 in pre-market trade after CEO Tim Cook said that the company plans additional steps to keep hackers out of user accounts, but denied that a lax attitude toward security had allowed intruders to post nude photos of celebrities on the Internet, the Wall Street Journal reports.

In his first interview on the subject, Cook told the Journal that celebrities' iCloud accounts were compromised when hackers correctly answered security questions to obtain their passwords, or when they were victimized by a phishing scam to obtain user IDs and passwords.

He said none of the Apple IDs and passwords leaked from the company's servers.

 

Apple is battling to preserve its reputation for looking after its users ahead of a major product announcement next week, the Journal said.

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:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

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