Sunday, October 7, 2007

Apple's stock closes above $160

Shares of Apple Inc. have closed above $160 for the first, gaining 3.33 percent or $5.21 by the close of trading Friday (final trading price: $161.45). The stock is up over $24, or 18 percent in the past month, and has more than doubled in the past year. The reasons for the surge are unclear, though rumors of opening iPhone development and inclusion of HD videos in iTunes could be catalysts. In late August, Apple surprassed Google's market capitalization after going on a rollercoaster ride. During one week, the shares went from about $124 on Wednesday to about $112 on Thursday, then back up to about $122 on Friday. The reason for the dip, and others in the past month, may have been pure profit taking by investors who have seen tremendous gains in the stock this year.

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