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Apple stock hits an all-time high

Even without Steve Jobs at the helm, there's no stopping the momentum in Apple.

Roger Cheng Former Executive Editor / Head of News
Roger Cheng (he/him/his) was the executive editor in charge of CNET News, managing everything from daily breaking news to in-depth investigative packages. Prior to this, he was on the telecommunications beat and wrote for Dow Jones Newswires and The Wall Street Journal for nearly a decade and got his start writing and laying out pages at a local paper in Southern California. He's a devoted Trojan alum and thinks sleep is the perfect -- if unattainable -- hobby for a parent.
Expertise Mobile, 5G, Big Tech, Social Media Credentials
  • SABEW Best in Business 2011 Award for Breaking News Coverage, Eddie Award in 2020 for 5G coverage, runner-up National Arts & Entertainment Journalism Award for culture analysis.
Roger Cheng
2 min read
 
Tim Cook
Apple's stock has done quite well by new CEO Tim Cook. Josh Lowensohn/CNET

Apple shares hit an all-time high today, underscoring the growing hype and anticipation over the company's next major product.

The stock reached a peak of $413.23 before retreating slightly to $411.63--still up nearly 3 percent from the previous day--at the close of the trading session. The company finished the day with a market value of $381.62 billion. Last month, it passed Exxon Mobile as the most valuable company in the country; the other major tech company, Microsoft, has a market capitalization of $228 billion.

That next major product driving the stock is almost certainly going to be the next iPhone, which got a fresh injection of hype after J.P. Morgan analyst Mark Moskowitz issued a research note today detailing the iPhone 5, as well as a souped-up version of the current model called "iPhone 4-plus." The products are widely expected to launch some time next month.

The two iPhones, which many believe will be available on multiple carriers, suggests that Apple could sell even more phones than previously expected. Beyond AT&T and Verizon, Sprint Nextel and T-Mobile USA are seen as also carrying Apple products.

The recent stock activity bodes well for Apple, which has had to deal with the official departure of Steve Jobs as chief executive. Last month, he stepped down as CEO and took over as chairman. That the stock has not only held up but advanced even higher bodes well for successor Tim Cook.

The rise also comes as Samsung Electronics has countered with legal action in South Korea and Australia today. A report says Samsung will attempt to ban the iPhone 5 from South Korea and has filed a counterclaim against Apple and iOS-based devices in Australia. The two companies have been embroiled in multiple lawsuits and complaints around the world.

Wall Street, however, has largely ignored news that would normally weigh on any other company. The common thinking is that Jobs and his management team have set up the company for years of product dominance, thanks to the success of the iPhone, and particularly with its hit iPad tablet.