Apple stock soars, market value close to entire retail sector
If you haven't noticed, Apple's stock was soaring today. It closed at US$589.58, another all-time high, and is up +21.48 for the day. As financial analysts pour over these numbers, they are discovering some amazing trivia about this off-the-charts growth.
- Morgan Stanley's Katy Huberty may have kicked off this climb when, as Philip Elmer-DeWitt of Apple 2.0 notes, she revised her previous 12-month price target from $515 to $720 (base case) and to a mind-boggling $960 on the bullish side.
- Apple's stock has gone up 40 percent since last October 14 ($422) when the iPhone 4S launched. Up 68 percent this year alone.
- Tyler Durden of ZeroHedge points out Apple's market value is almost equal to the market value of the entire US retail sector combined.
- Asymco also chimed in and noted that "Apple's market value today increased by more than one Nokia, nearly three $RIMM's or a bit less than one Sony."
- MacDailyNews also points out that Apple's market value ($548.95 B) is now double that of Microsoft ($274.42 B).
- To see how far Apple has come, Apple went public on December 12, 1980 at $22.00 per share. It's lowest market value was $630.9 million (stock price of $1.375) on July 8 1982.
With the new iPad launch only two days away, I have a feeling this is only the beginning of a momentous climb for Apple.
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