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Apple Stock Hits New 52-Week High

Apple Stock Hits New 52-Week High

by , 12:45 PM EST, November 21st, 2006

Apple's stock reached as high as US$87.97 during Tuesday's trading, before settling at $87.84 as of 12:23 PM EST. $87.97 is a new 52-week high for the shares. At that time, it was up $1.37, or 1.58%, for the day, following a strong recent upward trend since it closed at $78.29 on Nov. 3.

MarketWatch's Rex Crum attributed Tuesday's surge to the report issued by American Technology Research analyst Shaw Wu on Monday. In it, Mr. Wu said that Apple has a second iTunes cell phone with messaging capabilities in development. In addition, he noted strong sales of the new red iPod nano, which could make his estimate of 14 million units sold this quarter a conservative one. Last year, Apple exceeded all analysts' expectations by selling over 14 million iPods during the final quarter.

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