Patient Investors Cheer Apple Inc (AAPL) Stock at $500 Today
Shares of Apple Inc. (NASDAQ:AAPL) closed Monday at $502.60 per share. Once again, investors and traders justified a higher valuation for shares of Apple today.
A new report out of NPD stated Apple (NASDAQ:AAPL) generated 19% of all sales dollars of consumer electronics in the United States in the holiday quarter of 2011. That’s one out of every 5 dollars spent on the consumer electronics category going into the pocket of Apple Inc!
The big catalyst most analysts attribute to the rise in Apple’s share price is earnings. Let’s take a look back at the real numbers as a reminder:
Apple Net Income Results: Net income for Apple Inc. rose to $13.06 billion ($13.87 per share) vs. $6 billion ($6.43 per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.
Apple Revenue: Rose 73.3% to $46.33 billion from the year earlier quarter.
Actual vs. Wall St. Expectations for Apple Earnings: AAPL beat the mean analyst estimate of $10.07 per share. It beat the average revenue estimate of $38.76 billion.
Over 17 million shares traded hands today, compared to the 12 million daily average. Apple (NASDAQ:AAPL) finished the day with a $468 billion market capitalization, another record for the tech company.
Further Reading: Apple’s Reputation is the Best Among Top Brands>>
To contact the reporter on this story: Derek Hoffman at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com