|[Editor's Note: Observer Juan Mariscal pointed out that our math was in slight error in this story. Apple's stock has actually risen 31.92% since its opening on last Wednesday after you count adjusted closing prices. Thanks Mr. Mariscal!]
Apple's stock has made another leap for the 4th straight day closing at 45 3/4! That represent That is a rise of 4 13/16 or another 11.76% on top of the 18.02% that stock has risen since Wednesday of last week. Combined, Apple's stock price has risen 31.92% in only 4 days. Despite this, Apple still has the lowest P/E of any major computer manufacturer (12.87).
In addition to other money managers who have awakened to Apple's value, Goldman Sachs raised Apple's rating from "Market Perform" to "Recommended Buy," a multi-step jump. This upgrade from one of Wall Street's biggest investment houses has a lot to do with flurry of investors buying today.
Overall volume of Apple trades was up almost 6 fold to 18,800,700 shares changing hands. Average volume traded is 3,876,772 per day.
The Mac Observer Spin: We mentioned yesterday, last week, and the week before that other Wall Street money managers would be jumping on the "We Love Apple" bandwagon, but today's events were even better than hoped. Goldman Sachs raised Apple by at least two steps when they made Apple a "Recommended Buy." A "Buy" rating is just below that and Goldman Sachs stepped right over it.
What's next? Some profit taking is most assuredly going to take place at some point in the next couple of days, but Apple may very well hit and pass the US$50 range within the next few days.
And just in case you missed it, Apple's stock has risen almost 30% in the last 4 trading days. That marks such a major change in Wall Street's outlook that is almost beyond words.