CUPERTINO, Calif. (TheStreet) -- Apple (AAPL) - Get Report shares rose Monday after reaching a record high Thursday. The stock's surge is due to speculation that in January, Apple will launch a major product, presumably its highly anticipated tablet computer.
After rallying most of the day, Apple's stock closed at $211.61, up $2.57 or 1.23%, over Thursday's closing price of $209.04. Brokerage firm Thomas Weisel also raised estimates for Apple's fiscal first quarter to $3.55 a share from $3.36, citing strong demand for iPhones and iMacs.
On Wednesday, the
reported that Apple rented space for several days next month at an arts center in San Francisco, possibly signaling that the Cupertino, Calif., electronics company is preparing for a big announcement. While Apple hasn't officially confirmed plans for a tablet, the anticipation of an iPad has
of enthusiasts and
among fans and investors for more than a year, as they eagerly await a new blockbuster Apple device.
Kindle in its sights,
of a 10-inch touchscreen e-book with the first model expected to arrive as early as March,
analyst Yair Reiner said earlier this month, citing information from suppliers. The report confirmed earlier
that suppliers were gearing up for a February kickoff of the
Apple, known for its grandiose product launches, is also well-known for closely guarding plans and announcements of its new tech tools. Rumors continue to swirl around the tablet's official name; last week, Apple watchdog
reported that Apple had acquired domain name iSlate.com, while
noted that Apple controls the trademark name TabletMac, which it took over from company
in November 2008.
Written by Maggie Overfelt in New York