Apple Computeris stock jumped 5.58% Tuesday in heavy trading in anticipation of the companyis September 7th media event to be held tomorrow. Trading saw the stock close at US$48.80, a record high, with the stock spiking at $48.88 during the dayis activity. Investors are anticipating that Apple will announce either a new iPod, the long-awaited iTunes phone from Motorola, or some other product that will further the companyis lead in the digital media device market.
Todayis rise, however, comes even after analysts like Keith Bachman of Banc of America said on Friday that the value of any such new product was already built into the stock. Mr. Bachman expects Appleis announcement to center around the iTunes cell phone.
Be that as it may, AAPL still saw some 29 million shares trading hands. The stock closed at 48.80, a gain of 2.58 (+5.58%).
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.