Apple Stock Rebounds After WWDC Slump

by , 10:35 AM EDT, June 18th, 2007

After an up and down ride during the World Wide Developers Conference, Apple's stock rebounded on Monday. The Mac and iPod maker's stock dropped below US$120 throughout the week, and closed on Friday at $120.50. But on Monday morning, it began recovering and climbed up over $123.

The company's stock slipped after what many considered to be a lackluster and disappointing keynote presentation at WWDC by CEO Steve Jobs. While analysts and consumers where waiting for Mr. Jobs to announce exciting new products, he instead focused on features of the upcoming Mac OS X 10.5 release.

Earlier this morning, however, Apple announced that the iPhone will sport substantially better battery life than previously expected. That, coupled with the announcement that the iPhone will use a more durable optical glass surface instead of plastic, may have helped spur the stock's recovery.

Apple's combination iPod and smartphone isn't due to hit store shelves until June 29 - still 11 days away. Anticipation for the release has been growing, and many Apple and AT&T retail stores are anticipating that customers may camp out the night before in hopes of getting an iPhone as soon as it is available.

Apple stock is currently trading at $123.92, up 3.42 (2.84%).

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