Investors Come Back to Apple Amid iPhone Rumors and Speculation
Apple (NASDAQ: AAPL) is up more than six percent as investors return to the Mac maker.
The company ran into some trouble this fall, dropping more than 16 percent since August. Investors have been unimpressed by the release of the iPhone 5, which sold five million units during its first weekend of availability. The iPad Mini and fourth-generation iPad sold a combined total of three million units when they were initially released.
The Cupertino, California-based tech giant did not have any news to provide to consumers or investors today. Its U.S. press website is empty except for the announcement that AC/DC's complete catalog is now available on iTunes.
While it is wholly possible that investors were intrigued by this development (the band is bringing 16 studio albums to Apple's music service), it seems unlikely that investors would buy into the stock for this reason alone.
Shares of Apple actually declined when The Beatles arrived on iTunes two years ago. The stock had been trending downward in the days leading up to the announcement, shaving roughly five percent off the company's value.
Assuming that investors are not more intrigued by AC/DC than The Beatles, the logical conclusion would be that they are buying Apple for some other reason.
MacRumors attributes Apple's success to a report by Topeka's Brian White, who referred to the recent sell-off as being "insanely insane."
"Those investors that have missed Apple or have been under-weight the stock, now have another opportunity to buy Apple before sentiment takes a turn for the positive during what has historically been the strongest quarter of the year for the stock," White wrote in his report.
Last week, Jefferies & Co. analyst James Kisner said that Apple could be very close to releasing its first television set. Big predictions aside, most analysts simply reiterated their positive outlook on the firm.
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