The new iPad will hit the streets in two days, but Apple is already hitting record highs on Wall Street.
Wall Street had already priced a new iPad into the price of Apple Stock (AAPL) before Apple made the new iPad official last week, but investors are pushing the stock to new high, showing their approval for the high-definition display, high-speed 4G LTE and higher quality camera.
Last night Apple closed at a record $568.10, and grew even higher in after hours trading. This morning, Apple is already up 2.60% — to $582. At this rate, we could see AAPL hit $599 before the close of the market, and it makes analyst predictions of $699 and higher look like a reality.
There are several factors at play here. First off, we have the new iPad, which predictions say will sell 1 million new iPads before the doors close on Friday. Pre-orders help predict the overall demand for the new gadget, and with the competition like Motorola struggling to sell a million tablets during the whole of 2011, Wall Street knows Apple has another winner.
Second, we are seeing added confidence in Tim Cook, Apple’s new CEO, and the company without Steve Jobs. It’s hard to believe that Jobs didn’t have some part in this new iPad, but the launch and what comes next is in the hands of others. Wall Street likes the new CEO almost as much as it likes the new iPad.
If you look at the larger picture, Google (GOOG), HP (HPQ) and RIM (RIMM) are also enjoying an uptick over the past few days, but there was a huge split in late February where Apple (AAPL) went up, up up, and the competitors did not. RIM And HP took a dive 10 to 15% and Google is struggling to stay steady.
How high do you think Apple (AAPL) stock will climb?