Apple stock closes above $700
By Hayley Tsukayama,
Apple shares continued to rise Tuesday as company shares closed above $700. The company closed trading Tuesday at $701.91, up 0.3 percent for the day.
Though trading fell very slightly after hours, as of 5 p.m. on Tuesday, the company was still above its record-setting level.
Apple’s stock has been on a tear in the past year and has quickly passed through the $400, $500 and $600 trading marks. Analysts are still expecting Apple shares to continue to climb closer to the $800 mark by the end of the year.
Shares have climbed 6 percent since Apple unveiled the iPhone 5 on Sept. 12. The company reported Monday that it had taken two million pre-orders for the iPhone 5 in its first 24 hours on sale, doubling a record set with the iPhone 4S.
Sales of the iPhone 5 are expected to be somewhere between 9 million and 10 million by the end of the September quarter. Apple is preparing to release the latest version of its operating system, iOS 6, on Wednesday.
There has also been some movement when it comes to Apple’s ongoing legal battles. On Monday, Judge Lucy Koh of the District Court of California said she could not lift an injunction on Samsung’s Galaxy Tab 10.1, put in place before the high-profile case over whether the Korean company had infringed on a number of Apple patents. While Samsung was found to have impinged on six of Apple’s design and technology patents, the jury did not find that the Galaxy tablet’s design was too close to the iPad’s.
Ars Technica reported that Koh denied Samsung’s motion “without prejudice” because the injunction is being appealed in a separate court. She did, however, say there is a “substantial issue”to be raised.
On Tuesday, the International Trade Commission also announced that it will review a complaint against Apple filed by competitor Motorola. The complaint asks for a cease and desist and exclusion orders against Apple. The ITC also ruled Monday that Apple iPhones, iPods and iPads do not infringe on Samsung patents, The Washington Post reported.