TECHNOLOGY NEWS
August 21, 2012 12:00:00 AM
  Follow @ Twitter

Apple has dethroned longtime rival Microsoft as the most valuable company in history based on the value of its stock, which climbed to around $622 billion.

Apple's stock began a steady rise late last week and hit a new high of $664.75 a share near midday Monday on the Nasdaq exchange amid rumors the tech giant is poised to release new versions of iPhone, iPad, and Apple TV devices.

Apple topped the record of nearly $619 billion set by software titan Microsoft in 1999, during the famed dot-com boom years.

Apple shares began a rapid ascent on Friday after Jefferies investment bank analyst Peter Misek predicted the stock will hit $900 and predicted that the arrival of the iPhone 5 "will be the biggest handset launch in history."

Jefferies reasoned that Apple is positioned to take a significant portion of the profit to be generated by hot trends in smartphones, tablet computers, and gadgets linking to the Internet on latest-generation 4G networks.

The Internet has been abuzz with unconfirmed reports that Apple will introduce a new iPhone, perhaps with a larger screen, at a press event in September.

The Cupertino, California-based company is also believed to be readying a smaller version of its market-ruling iPad, and a revamped Apple TV box, referred to unofficially as "iTV," that routes video or programming to televisions.

"We believe the iTV is in full production," Misek said.

The surge in Apple's stock price demonstrated the powerful expectations for the next generation of gadgets from the culture-changing company, according to Wedbush Securities managing director of equities trading Michael James.

Investors also see promise in hot new Apple gadgets hitting the market in time for year-end holiday shopping, when the company's products typically shine, James added.

AFP


 


PREVIOUS STORY
Pakistan mobile networks suspended on security fears
NEXT STORY
Apple-Samsung smartphone clash heads to jury

Bookmark and Share
   




FIJI NEWS
Ra rape case moved to High CourtThe case of six Ra men, including three juveniles, charged with rape, has been transferred to the High Court in Lautoka.
SPORTS
FRU AGM postponed to May 17The Fiji Rugby Union Annual General Meeting which was scheduled to take place in Nadi tomorrow has been postponed to Saturday, May 17, 2014.
HEALTH/FITNESS
Clean-up day to curb dengue outbreakFiji's Ministry of Health has declared a clean-up day next Thursday for residents in the central division as it ups the tempo against a dengue fever outbreak currently experienced in the country.
LIFESTYLE/FASHION
Sigatoka resort to close for renovationYatule Beach Resort along the Coral Coast will be closed from next week for renovations as its management seeks to increase the resort's profitability.
ENTERTAINMENT
Kiesza scores UK number 1 with HideawayCalgary-born 25-year-old Kiesza has her first UK number 1 single with Hideaway.
OFFBEAT
Mercury 'took Princess Diana to gay barQueen singer Freddie Mercury disguised the late Princess Diana as a male model and smuggled her into a notorious gay bar, according to a memoir serialised in Britain's Sunday Times.
NEWS SPORTS INFOTAINMENT SERVICES MOBILE EXTRA HOT TOPICS