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Apple stock climbs to all-time high of US$191.83 on the first day of WWDC

By Marcus Wong - on 5 Jun 2018, 2:00pm

Apple stock climbs to all-time high of US$191.83 on the first day of WWDC

Apple’s stock closed yesterday at an all-time high of US$191.83, improving on a previous high of US$190.04 set on May 10.  The stock AAPL rallied as much as 1.7% to a record intraday high before pairing gains to close at US$191.83.

Apple stock has typically closed down on the first day of WWDC, and BTIG analyst Walter Piecyck notes that they typically close down 1.2% on average, as Apple stock has typically sold off the day after WWDC by about the same amount.

For reference, the company’s stock price was US$172.26 at the start of 2018, and the stock rally thus far has pushed the tech giant’s market capitalization to US$942.9 billion. Based on the 4.915 billion  shares outstanding as of April 20th, MarketWatch estimates that it would take just a further 6.1% gain for Apple to become the first $1 Trillion company.

Apple’s keynote has focused on software updates this year, with updates on iOS 12 for mobile devices, tvOS 12 to bring Dolby Atmos to Apple TVs, watchOS updates, the next version of macOS, and highlighting their strategy for bringing iOS and macOS more in sync. No new hardware products were announced or launched, but the company seems on track to reach some impressive milestones: a US$200-per-share stock price and a market cap of US$1 trillion.

Sources: AppleInsider, MarketWatch, Bloomberg

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