Apple’s Stock Dances in Record $410 Territory

| Apple Stock Watch

Shares in Apple Inc. stayed above the US$400 mark during Monday’s trading session, dancing in new record territory. In the mid-afternoon session, the stock was trading at $410.18, up $9.68 (+2.42%), well above the intra-day high of $404.50 set on July 26th and the record close of $403.31 that was set the same day.

AAPL Chart

Chart for AAPL mid-morning on Monday, September 27th, 2011
Source: Yahoo! Finance 

Wall Street is looking at Monday’s trading as a support session for the $400 mark. That price had previously proved to be a resistance level for AAPL, but traders and investors could be in the process of transforming that into a support level.

Monday’s gains come amidst a losing day for the broader markets as each of the three major indices moved decidedly into losing territory. As of this writing, the DOW was at 11299.52, down 209.57 (-1.82%); the NASDAQ was at 2594.46, off by 27.85 (-1.06%); and the S&P 500 moved lower to 1195.08, down 20.93 (-1.72%). Worries about a Greek debt default weighed heavily on the markets, driving the retreat.

In the meanwhile, no specific news seems be driving Apple’s rally. The company has yet to announce its traditional fall media event, and the company hasn’t announced any new products. On the other hand, signs continue to suggest that Apple is getting closer to rolling out some or all of its iCloud service, as well as releasing iOS 5.

If AAPL can close above $400, it will be only the third time it has done so, the first being the above-mentioned July 26th, and the second being Friday’s close at $400.50.

*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.

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Comments

Ross Edwards

This week, it’s not so much Apple doing well as it is the rest of the market doing worse than average.  Kind of like how Chuck Norris doesn’t do push-ups; he remains in place and pushes the world down.

John Dingler, artist

How much would MS stock be had it not split it so many times?


I noticed that MacSurfer does not list MacObserver today. What gives?

Lee Dronick

How much would MS stock be had it not split it so many times?

I haven’t followed them, how many splits have they had? In all seriousness I am thinking of putting some money into them, buy low sell high.

My AAPL has split twice since my purchase, but it has been some time since the last one.

John Dingler, artist

Hi Harry,
According to an official MS site, MS has split nine times while Apple, interestingly enough and according to TWOW, has split three times, both since their IPOs.

If the numerous overenthusiastic and highly optimistic analysts’ reviews and hopes for the success of Windows 8 are any indication, it might be a good idea to buy MS as we speak, but you know those Apple haters, they’ll jump at any chance to tout any failing companies or their products which compete with Apple or its products.

On the other hand, the stock market was not instituted for gambling purposes which short term speculation such as you suggest—perhaps in jest—clearly is, you know?

John Dingler, artist

Ha. It’s truly amusing: Everyone and their grandmother is now doing the leak dance, I am sure to garner otherwise unwarranted publicity and build up anticipation for their gadgets. The other day, and continuing, was MS with Win8. Now it’s Moto. When MS “leaks,” you know it’s transparently phony since it’s simply a renaming of its process to keep its channel informed as it’s MO clearly dictates. Coy does not work for MS. *S*

And, so what that Moto is about to release something or other when very few now give a damn about Moto.

Lee Dronick

John what I am thinking is that MicroSoft is still a big business, with a big and still mostly loyal customer base, and may well have a shift that could bring out some popular selling products again. I took a risk when I bought AAPL at $25, I used some savings and prayed that it didn’t rain. I won’t take that big of a risk if I buy MSFT, but nothing ventured nothing gained.

Ross Edwards

those Apple haters, they?ll jump at any chance to tout any failing companies or their products which compete with Apple or its products.

I can only speculate, but I suspect the “Apple Haters” cohort is responsible for most, and perhaps very nearly all, sales of non-iPad tablets.  Nobody else is even remotely interested in a tablet that isn’t the iPad… and that’s from the subset of people who are interested in an iPad or tablet AT ALL.

John Dingler, artist

Hello Ross,

Regarding ” I suspect the ?Apple Haters? cohort is responsible for most, and perhaps very nearly all, sales of non-iPad tablets,” which would likely include most old school IT employees.

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