Why do we write about alleged Apple products? We love to speculate on what we think might be headed our way. We treat it like a sport. Think about how much you discuss how you think the Giants will perform this season. Friends get together and discuss possible outcomes of games leading up to the main event. Heck, there are Fantasy Football leagues dedicated to talking about something that doesn’t exist. That is what the possibility of Apple’s future means to us. Because of our over-exuberance for the unconfirmed iPad mini and our deep-seeded brand loyalty as we prepare for the iPhone 5, Apple stock just hit a record high.
According to the Wall Street Journal, stock in AAPL rose more than 59 percent from this time last year. The stock has hit a record high of $644.13 today. Rumors of an upcoming product announcement for an iPhone 5 and iPad mini have been flooding the Internet highways through the past couple of weeks and the buzz has helped Apple’s stock hit its milestone.
Jefferies analyst Peter Misek revised his earlier price target from $800 to $900 and predicted that the iPhone 5 could be “the biggest handset launch in history.”
Scott Sutherland of Wedbush Securities spoke with CNBC, saying that even though stock has skyrocketed, and the normal pattern is to sell off right after a product launch, he doesn’t believe we will see a mass sell off because last year’s iPhone 4S launch caused a stock increase that lasted all the way into mid-2012. He believes that Apple’s stock will perform as good or better than predicted through the fourth fiscal quarter.
Not only is Apple doing well this time of the year, but according to analyst Matt Jarzemsky of the Wall Street Journal, the company’s stock is single-handedly nudging the S&P 500 market higher.
“Apple is in all-time high territory as the broader market nears its high for the year. The S&P 500 is up about 11% from its recent low on June 1. Apple has certainly helped it along, gaining 14% in that time frame. The company’s massive market cap has made it an increasingly important factor in the broader market.”
So we’ll keep speculating on what Apple’s “Next Big Thing” will be and investors can continue to buy stock in the company, which helps keep it in business. It is a symbiotic relationship, really. You’re welcome Apple.