INTERNATIONAL BUSINESS NEWS
August 18, 2012 12:00:00 AM
  Follow @ Twitter

Apple's stock price leaped to a new high on Friday amid rumors the tech giant is poised to hit the market with new versions of iPhone, iPad, and Apple TV devices.

Shares rose nearly two percent to $648.11 by the end of the formal trading day on the Nasdaq exchange, buoyed by a Jefferies investment bank analyst advising clients that the price could climb to $900.

The share price inched up to $648.85 in after-market trading.

The arrival of the iPhone 5 "will be the biggest handset launch in history," Jefferies investment bank analyst Peter Misek said in a note raising the target price for Apple stock and giving it a 'buy' rating.

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.

Jefferies raised its forecast for iPad sales from 18 million to 25 million for the third quarter and from 22-25 million to 30 million for the final three months of this year.

Friday's 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 the year-end holiday shopping seasons, when the company's products typically shine, James added.

Apple has the largest market capitalization in the United States, with its stock giving it a value of about $602.25 billion.

AFP

Wiggle


PREVIOUS STORY
US lawmakers make new Walmart allegations
NEXT STORY
Pernod Ricard CEO dies suddenly

Bookmark and Share
   




FIJI NEWS
Announcement on 30 pilot workers tomorrowThe Foreign Employment Service (FORES) of the Ministry of Employment, Productivity and Industrial Relations will tomorrow officially announce the names of 30 pilot workers selected for the New Zealand Recognised Seasonal Employer (RSE) Work Scheme.
BUSINESS
Westpac sells operations in 5 PICs to BSPWestpac Banking Corporation today announced the sale of its banking operations in five Pacific Island countries to the Bank of South Pacific Ltd (BSP) for A$125 million.
TECHNOLOGY
Vodafone Fiji, Tonga telco in allianceVodafone Fiji and Tonga Communications Corporation today signed a strategic partnership alliance that will allow the Tongan company to leverage off the experience of their Fijian counterparts.
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.
SPORTS
Doidoi salvages draw for T/NaitasiriVeteran midfielder Keni Doidoi scored a late equaliser to hand Tailevu Naitasiri its first point in the Super Premier Division today as the Southerners held Nadroga 1-1 in the Galaxy Premier League at Lawaqa Park.
LIFESTYLE/FASHION
Fiji Link receives ATR72-600 aircraftFiji Airways, Fijiís national airline, today received its latest ATR72-600 aircraft for its domestic subsidiary Fiji Link.
NEWS SPORTS INFOTAINMENT SERVICES MOBILE EXTRA HOT TOPICS