Apple Stock Rises As iPhone 5 Launch Comes Closer
Apple has been racking up steady gains over the past few weeks as expectations have built up around the widely anticipated launch of its next iPhone, which could come as early as next month. The launch remains speculative, as Apple hews to its ultra-secretive nature and tradition of saying nothing about new products until they are formally announced. Shares of Apple (APPL) were up more than 1% to $644.83 by midday Friday, briefly hitting a new intraday high of $645.48. The stock has surged by 59% so far this year, making Apple one of the largest gainers among tech firms on the S&P 500. Could a split be coming soon?
The device expected to be designated as the iPhone 5 is believed to feature a redesigned, thinner body, larger touch-screen and the ability to connect to the latest generation of LTE networks. It will also feature the iOS 6 version of the mobile operating system that Apple previewed in June and set for a launch date of this fall. Until recently, most analysts covering Apple had been expecting the new device to be unveiled in early October, with a market launch later that month. Thats similar to the schedule Apple kept last year for the iPhone 4S. But some recent media reports say the company is planning a Sept. 12 event to announce the new iPhone ahead of a market launch later in the month, likely adding to the companys results for its fourth fiscal quarter.
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