Indicating huge expectations for tomorrows iPad launch, Apple‘s stock price hit a new high this morning at $600.
The run-up comes as Apple prepares to release the third-generation iPad at retail. A report from Morgan Stanley on Wednesday also may be a factor: the investment bank predicted Apple shares could hit $1,000 by the end of 2013.
A point of note and may be even a hint of surprise is that Apple shares are up more than 50% since co-founder and former CEO Steve Jobs died in October. However, analysts are split on whether Apple can continue its momentum over the long term without its iconic “spiritual head.”
Despite the early morning rise for Apple stock, at press time the share price was down a bit. Such volatility has become the norm for Apple. Only the sixth company in history to eclipse a market capitalization of $500 billion, Apple’s stock has been an attractive target for investors looking for quick gains or losses based on the day’s news.
“Apple has become a favorite daytime trading stock for short-term traders. It’s one of the rare stocks that have momentum followers and that move on headlines that are not related to earnings,” said David Rolfe, chief investment officer at Wedgewood Partners in St. Louis, Mo., told Reuters earlier this month