Apple Surges To $100 For First Time This Year
Apple (AAPL) shares hit $100 on Friday before settling down to $99.72 at the close. The last time Apple hit $100 was Dec. 11, 2008. Since Jan. 20, when Apple and the S&P bottomed, Apple shares are up 28%. The S&P, meanwhile, is up just 8%.
This despite:
So why the rally?
Despite some short-term setbacks, we think it's a sign that investors believe Apple is one of the strongest technology companies in the world, with a good chance to keep outgrowing its rivals -- as it's done the last several years.
Apples growth is certainly slowing -- the iPod and Mac are not the growth drivers they were a year ago. And the iPhone is getting more serious competition.
But we think investors have some good things to look forward to. Last quarter's results are one piece of evidence. Rumors that Apple will start selling portable tablet devices later this year suggest that Apple will be able to better compete against the cheap, relatively crappy "netbook" computers that PC makers like Acer and Asus are selling like hotcakes. And a new iMac and Mac mini could give desktop Mac sales a much-needed lift.
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