|[9:30 AM] Apple's Stock Hits All Time Intra-Day High After Analyst Meeting, Enters Quiet Period
by Wes George
Donaldson Lufkin and Jenrette analyst Kevin McCarthy had a chat with Apple CEO, Steve Jobs, just before Apple enters their "quiet period" in the weeks ahead of reporting earnings for this quarter. McCarthy left the meeting with a "positive" view on the quarter.
As reported by Maria Bartiromo on CNBC this morning, McCarthy said that Mac sales progress for the second quarter is "robust" and "ahead of expectations," and that sales have been accelerating in the last few weeks. He said there should be an upside to earnings per share estimates for the quarter.
Apple traded higher by 11 dollars to 126 in early morning trading.
For other stories regarding Apple's stock activity, visit our Apple Stock Watch Special Report.
The Mac Observer Spin: In a recent Apple Trader column, Wes George described the strongly bullish ascending triangle chart pattern that Apple's stock price was making. Now at the apex of the triangle, Apple has nowhere to go but for a break out in one direction or another. Today's news may be the impetus needed to boost Apple to a new closing high in search of a yet to be determined higher trading range.
Many technical analysis gurus use the base of the triangle to determine how far a stock will rise after the break out before reaching the next consolidation pattern. Moreover, the rate of price increases should approximate the previous uptrend's angle of ascent. In Apple's case, this criterion would put AAPL at about $145 well before MACWORLD rolls back around in July.