Apple Stocks Hit New High After 4-Months Swoon

Stocks of Apple Inc saw a new rise Friday morning, just ahead to the release of new iPhone and a smaller iPad. After a dip of four months in stocks, this news was good for Apple, which is already the world’s most valuable company.

Apple Inc. saw its stock hit $648.19 in midday trading, before moving back to $648.11, which was up by $11.77, or 1.9 percent, from Thursday’s close.

Earlier, the firm’s stocks hit a high of $644 on April 10.

The market value of Apple is reported to be about $608 billion, which is almost 50 percent more than Exxon Mobil Corp., which is No. 2 at $408 billion.

Apple’s stock stumbled last month after the firm’s earnings report for the April-June quarter reported the slowest growth in more than two years. This marked the second time in 10 years that Apple missed the expectations of analysts.

Peter Misek, analyst, Jefferies & Co. moved up the target of his price on the firm’s stock to $900 from $800 on Friday, reporting the production of an “iPad Mini” in China. Misek’s belief was based on reports, which came out from Apple’s suppliers, contract manufacturers and contacts in China. He further said that Apple is believed to manufacture around 25 million iPads of all kinds in the current quarter, which the firm would raise from a previous estimate of 16 million, excluding the “iPad Mini.”

However, the Cupertino, Calif., company is tight-lipped about a new iPhone or iPad.

There have also been rumors about the launch of a smaller iPad this year. Various analysts believe Apple plans to make a cheaper tablet computer to make its mark in the market, which is selling the Google Inc.’s Nexus 7 and Amazon.com Inc.’s Kindle Fire, at a price of $199. The cheapest current iPad available in the market costs $399.

It is believed that the sale of iPhone 5 will hit the market late September. iPhone 5 is much anticipated phone, which is believed to be the biggest phone launched ever. This latest model of iPhone is rumored to have somewhat bigger screen with access to the latest wireless data networks in the U.S.

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