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.

James Martin/CNET

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 the full catalog of rock band AC/DC on iTunes , 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.

About the author

Josh Lowensohn joined CNET in 2006 and now covers Apple. Before that, Josh wrote about everything from new Web start-ups, to remote-controlled robots that watch your house. Prior to joining CNET, Josh covered breaking video game news, as well as reviewing game software. His current console favorite is the Xbox 360.

 

Join the discussion

Conversation powered by Livefyre

Don't Miss
Hot Products
Trending on CNET

HOT ON CNET

Is your phone battery always at 4 percent?

These battery packs will give your device the extra juice to power through all of those texts and phone calls.