After closing at at new high of $676.27 yesterday ahead of the iPhone 5 launch — shares of Apple Inc. surged past $682.48 Friday in midday trading, before landing at another all-time high of $680.44 at market close.
Investors are expecting the company to unveil the next-generation iPhone on Wednesday, September 12 — while little attention was given to the launch of Amazon's new Kindle tablets on Thursday."Nothing really grabbed our attention and this announcement will do little to halt the momentum of Apple's iPad franchise that continues to gain momentum around the world," Apple analyst Brian White at Topeka Capital Markets told the AP.
Past history for Apple stock has shown investors buying on the rumors and selling on the news. So will the stock reach $700 before iPhone 5 launches next Wednesday or decline immediately after?
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