Apple Shares Climb Past $600
The shares yesterday closed at $600.96 in regular trading, up 8.38 percent after touching a new 52-week high of $601. They have climbed 33.6 percent in the last 12 months, after hitting a low point of $393 in June last year.
The rise follows Friday’s decision by a San Jose federal court jury that Samsung had infringed Apple smartphone patents – though the jury’s award of US$119 million was a long way below the $2.2 billion Apple had sought.
Apple investors are also being driven by announcement of a seven-for-one share split due in June, and by expectations that new products are in the works, including a major new version of the Apple iPhone around September, and possibly some time later by an iWatch.
Announcement of a $30 billion share buyback plan and the recent record second-quarter revenue result have also affected the price.
Yesterday’s close price gives Apple a market capitalisation of US$517.65 billion.