Only 9 cents from the 52 week high, Apple (AAPL) looks like the best play in tech today. Over the past two days, Apple stock has had incredible buying pressure, and ended up $1.14, or 1.10 percent today. Despite the upwards momentum, the stock is on the cusp of another move higher.
A pullback from profit taking should soon occur, and look to get in near $100 per share. After Apple’s big summer releases (iPhone, MacBook Pro, etc.), Apple should quickly move to $125 per share without even a cent of new earnings. Only the expectation of greater earnings should should be a catalyst for new movement.
It’s also important to note that at these levels Apple is also a candidate for a stock split. Market Matador talked about this very issue back in March. (Some information may be dated)
Disclosure: Long Apple Inc. (AAPL)
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#1 by Vic on May 8, 2007 - 9:57 pm
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One thing that may be preventing a split is the philosophy of Eric Schmidt, CEO of Google and Apple’s newest board member (joined mid last year I believe). Also, shareholder meeting on Thursday and Apple already preempted some fireworks that could have occurred at the meeting in the form of a shareholder that wanted to ask Apple about their environmental position. Well, Apple recently released “A Greener Apple” missive on it’s website and the company dropped the issue from the itinerary of the board meeting. I only mention this because if Schmidt is not standing in the way of a split, perhaps one may be announced Thursday morning being that that is another question that will most likely arise at the meeting.
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