Apple Stock Back On The Rise
02.21.07 - 03:40pm
News from the Prudential Equity Group that Apple is poised for a solid fisqual second quarter, sent Apple shares up four percent today in afternoon trading to $89.25 rising $3.35.
“Our recent checks with industry contacts suggest a solid March quarter with seasonal iPod unit weakness being more than offset by stronger Mac sales and higher margins due to a favorable component cost environment,” analyst Jesse Tortora wrote in a client note.
Shares of Apple have been down about 12 percent since reaching highs that peaked at $97.80 after Steve Jobs announced the iPhone.
Tortora said that along with Mac sales tracking ahead of company expectations, iPod after holiday sale drop-offs had been partially offset by stronger sales of the iPod Shuffle when the “shuffle colors” were released.
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