Apple surges to new highs following strong earnings report |
| MarketWatch - Oct 23, 2007 |
Apple Inc. shares set a new all-time high Tuesday, surging more than 7% after the consumer technology giant reported a 67% jump in fourth-quarter earnings powered by strong sales of Macintosh computers as well as its popular iPhone.
Late Monday, the company said Mac sales topped the 2 million mark in the September quarter. More than 1.1 million iPhones were also sold during the period.
Apple shares rose more than $13 to $188.56 in early trading amid positive reaction to the report. The stock has already been on a strong run for the year, gaining more than 100% since the January introduction of the iPhone before Monday's report.
"We believe that iPhone hype is creating a 'halo 2' that is driving sales of Macs and other products," UBS analyst Ben Reitzes wrote in a note to clients.
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- Posted: 2007-10-23 10:36:41
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