Apple Inc’s stock jumps to a record-high Friday, August 17th, as the frenzy surrounding the release of its iPhone 5 is also on the rise. Closing at $648.11, Apple’s shares went up nearly 1.9%. The company has been up for more than 22% since May when rumors about iPhone 5 started to make buzz in the market.
The Wall Street has also been stirred by popularity of Apple’s fifth generation iPhone causing to a stock surge in favour of the Cupertino-based tech giant. The official launching of the new smartphone is set on September 12th and is expected to hit the shelves just two weeks later.
Rumors surrounding iPhone 5 suggest the device will get a larger screen, better camera, 4G LTE connectivity and much smaller dock connector.
But aside from the smartphone, the Wall Street has also been stirred with the reports and speculations that there will come a new and smaller iPad featuring 7.85 inches screen. This move is being believed to be Amazon’s Kindle Fire killer.
Ben A. Reitzes, Barclays analyst, said, “We believe that a smaller iPad will combine the ease of use expected of Apple products with high-performance hardware in a size that is more conducive as a companion device, remote, e-book or game player.”
Moreover, the speculation that Apple will also release an iTV helped the company regain its momentum in the stock market. Reports also suggest that the company is in talks with cable operators in the country but it seems like it wouldn’t make its debut until next year.
Jefferies managing director reportedly raised his price target for Apple on Friday to $900 from $800. In light to this, he believes that iPhone 5’s launch would be the biggest in history.
Apple’s mouth remained shut and considering it gives so much importance on confidentiality of its devices, there will never be any legit information available anywhere until the official launching is finished.
Meanwhile, analysts believe Apple’s stock will continue rising as the release of iPhone 5 nears and when the much anticipated date arrives, it is expected Apple will top the tables.