As of late, every day I watch the Apple stock price continue to go up, and all I have running through my head is George Jetson screaming, “Jane! Get me off this crazy thing!”
Let me say right off the bat, I am in no way, shape or form an expert on stocks. At this time I do not own any stocks, and I haven’t for quite some time. Even further, I have never owned so much as one share of Apple. I have absolutely no dog in this fight, but when you see Apple’s stock jumping 2.92%, or $16.10, to hit a new closing high of $568.10, pretty much anyone has to take a step back and wonder why.
If today had been the day the third generation iPad launched, maybe I could see it. If this sort of jump had even taken place on the day the device was announced, maybe that would have made sense. But to happen on a day where the company made no major announcements, and it’s biggest claim to fame was that it reportedly received a subpoena from the FTC in regards to its deal with Google over it using the search engine on its iOS devices, one is left with quite a puzzle. There was absolutely no reason for the stock to jump the way it did unless it is just simply people abandoning anything remotely resembling logic when it comes to this company.
In the after hours trading the shares started to lose some of their gains of the day, but that is to be expected as some profit takers move in, but still Apple closed out the day with a market cap of $529.68 billion, well over a $100 billion ahead of the second place company, Exxon. Notorious Apple fan, and stock analyst, Gene Munster has set a target price on Apple of $670 a share, and while I’ve laughed at him for this target in the past, now I have to wonder if he isn’t at least somewhat on the mark.
What do you think about the performance of Apple’s stock as of late? Is it out of reason?