Apple climbs; Topeka calls share sell-off 'insane'

Apple climbs; Topeka calls share sell-off 'insane'

Credit: Getty Images

SAN FRANCISCO - JANUARY 10: People check out the new iPhone on display at MacWorld on January 10, 2007 in San Francisco, California. The device which is controlled by a touch screen is set to launch in June 2007. It will play music, surf the Internet and deliver voice mail and e-mail. After rising 6 percent on Tuesday, Apple shares gained 4.79 percent, to close at $97 on the Nasdaq Stock Market on Wednesday. (Photo by David Paul Morris/Getty Images)

Print
Email
|

KMOV.com

Posted on November 20, 2012 at 10:29 AM

NEW YORK (AP) -- Apple's stock is trading nearly 5 percent higher, with one analyst calling a recent sell-off in shares of the in the iPhone and iPad maker "insanely insane."

   Shares of Apple Inc. rose $25.24, or 4.8 percent, to $552.92 in midday trading Monday. Even with the gain, the stock is down nearly 22 percent from the record high of $705.10 that it hit in September.

   Topeka Capital Markets analyst Brian White says the sell-off in the past eight weeks is overdone. He cites new "blockbuster" products for the holiday season -- including the iPad Mini -- as reasons for buying the stock.

   Monday's increase is on track to become the biggest one-day gain since May 21, when the stock closed up 5.8 percent at $561.30.
 

Print
Email
|