Apple Share Price: When Apple Inc. (NASDAQ:AAPL) shares slipped below $400 a few weeks back, many began to worry that the Cupertino based company had lost its mojo.
Fortunately for investors, as well as Apple itself, things have turned around as of late and the stock is headed back towards $500.
While the future is still unclear, as Apple Inc. (NASDAQ:AAPL) has yet to share any information regarding new products, the company is definitely making a big comeback as far as Wall Street is concerned.
A recent CNBC segment of Squawk on the Street took a closer look at what it is calling an “iBounce Back.” In other words, Apple shares may have been down for a little while but it does not take long for it to bounce back.
Will Apple Inc. (NASDAQ:AAPL) find shares tipping over $500 at some point in the near future? Maybe, maybe not. Hopefully, however, it has seen the last of $400.
Here is what the host had to say as he talked about the current state of Apple:
“Shares of Apple rallying more than 15 percent in the last couple of weeks, reclaiming its spot as the S&P’s most valuable company.”
As you can see by that number alone, things are looking up for Apple Inc. (NASDAQ:AAPL) right now. After all, a 15 percent rally in a few weeks is nothing to take lightly.
In the same segment, CNBC Business News anchor Seema Mody chimed in on the bounce back:
“Apple shares staging a major comeback, and analysts pointing out that since Apple hit an intraday low of $385 shares have risen 19 percent while the S&P 500 has only climbed four percent. And of course, that sharp move to the upside, as you pointed out, has helped Apple reclaim its rank as the most valuable S&P company which it briefly lost to Exxon Mobil. Now, a couple different reasons for the comeback in shares of Apple. First, of course, is the broader rotation of capital into cyclical sectors. That is helping tech stocks like Apple get a bid. Second, is its valuation. The street seems to finally feel like Apple is trading at a reasonable price to earnings ratio.”
What are your thoughts as to why Apple Inc. (NASDAQ:AAPL) is on the comeback trail? Do you think Cupertino will keep up the pace in the months to come?
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