Apple Stock Hits New 4-Year High; Closes at $50.30

October 26th, 2004 at 3:00 PM - Reports by Brad Gibson

Shares in Apple Computer (AAPL) closed Wednesday at a new 52-week high of US$50.30, the first time the stock has been above $50 in more than four years.

Shares in Apple closed up $2.33, or 4.86%, on volume of 20.98 million shares. The companyis previous 52-week high at market close was set on October 19 at $48.35. Appleis current market value stands at $19.69 billion.

The new close is Appleis highest since September 2002.

The new high comes the day after the company unveiled the iPod Photo, which can store and display digital picture in addition to playing music, and a special edition U2 iPod.

Also on Wednesday, Merrill Lynch analyst Steven Milunovich raised his estimates on Apple for the fiscal first quarter ending December to earnings of 42 cents per share on revenue of $2.95 billion, up from earnings of 40 cents per share on revenue of $2.85 billion.