Apple Shares Pass $500 For First Time Amid Broad Market Gains

Apple Inc.'s (AAPL) shares passed $500 for the first time ever Monday morning, the latest milestone in the stock's meteoric ascent.

The Cupertino, Calif.-based consumer electronics company's value has surged in recent years, at times overtaking Exxon Mobil Corp. (XOM) as the world's most valuable company. Brisk sales of Apple's smartphones, tablets and computers have fueled better-than-expected earnings growth and allowed the company to amass about $100 billion in cash.

Apple's shares recently traded 1.4% higher at $500.20 as the broader market rallied following the adoption of austerity measures by Greece's parliament.

Investors continue to speculate over how much higher the stock could go. Apple is reported to have its eyes on the TV market and is expected to give a release date for its latest iPad next month.

Read Full Article from Wall Street Journal

- Posted: 2012-02-13 11:05:36

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