NEW YORK (TheStreet) -- Shares of Apple Inc (AAPL) were up 1.63% to $131.74 in afternoon trading Wednesday, following comments by the managing director at FBR Capital Dan Ives saying a "slew of new products" from the technology titan may be on the horizon, according to CNBC.
Ives said on CNBC's Fast Money segment this morning that the C-suite promotion of senior vice president of design Jonathan Ive to the newly created position of Chief Design Officer is a big plus for shareholders.
He added that it could be a sign that Apple may come out with some new products over the next year or two, ranging from augmented reality devices, to new wearables, to streaming services or even an Apple car.
Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.
The company is based in Cupertino, Calif.
Insight from TheStreet's Research Team:
Apple is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:
Apple (AAPL:Nasdaq; $132.54; 820 shares; 4.16%; Sector: Technology): Earlier this week, activist investor Carl Icahn issued an open letter to CEO Tim Cook, asking the company to pursue a more aggressive buyback program. Icahn argues that the shares are worth nearly double what they are currently trading at ($240 vs. current price of about $130).