AAPL Slowly Climbing from Abyss
by , 4:20 PM EDT, March 26th, 2008
AAPL has climbed back into the US$140+ range after a series of devastating reports on the U.S. economy led to a massive selloff in January and February. AAPL had recently declined to a level, $120, that hadn't been seen since before the iPhone fever of 2007.
Now, investors are coming back to Apple. The stock hit a high of $145.74 on Wednesday and is holding in the $140 range after lingering in February and March in the $120 mark. In late February, AAPL actually dipped below $120 per share.
Some recent good news in the housing market, Federal Reserve rate cuts, federal backing of lenders and lessening demand for gasoline resulting in a slightly reduced price of crude have all contributed to easing concerns somewhat in the market. As a result, some measure of confidence seems to be emerging as the Apple bulls find a little more confidence in the economy and subsequently the consumer's interest in all things Apple.
Source: eTrade AAPL (with moving average)
In afternoon trading, AAPL is at US$144.32, up $3.34 for the day.
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.