Apple shares bounce back after tough few weeks
The company's stock is off to a stronger start this week than it has been in months, though far from it's all-time high in September.
Apple's stock is up nearly 6 percent in midday trading today, marking a minor recovery for the stock, which has declined more than 20 percent since reaching an all-time high in September.
Shares of Apple were at $557.99, up $30.31, or 5.74 percent, in trading on Monday, coming close to where the stock sat 12 days ago, but far from the high of $705.10 two months ago. The stock hit a nine-month low on Friday, before closing up later in the day.
The recovery comes amid reports that Apple's seeing strong sales of its mobile devices in China, one of its key growth markets. There are also fresh rumors that Apple is working on a successor to the iPhone 5 due out the middle of next year, a change from the fall release the company has gone with for its past two models. This morning Apple also announced that it's offering , which so far had held off on selling its music digitally.
A number of analysts remain bullish on the stock, including Brian White of Topeka Capital Markets, who in a note to investors this morning referred to the recent sell-off of Apple stock as "insanely insane." White's got Apple pegged for $1,111 a share in the next 12 months, which remains far above the $760 or so average Wall Street analysts expect the stock to reach in that same period of time.
Apple's currently in what has historically been its most profitable quarter, fueled by holiday device sales. The company refreshed most of its product line, including the iPad and its Mac desktops and notebooks, at an event last month where it introduced the iPad Mini.
Update at 1:01 p.m. PT: Apple closed at 566.44, up 38.76 or 7.35 percent for the day.