Technology Stock in Focus; Apple Inc.
Shares of Apple Inc. (NASDAQ: AAPL) are marginally higher in today’s trading. The stock reached a high of $344.36 in mid-day trading, and at last check, it was up 0.56% to $343.57, with volume at 6.07 million.
Apple shares have a 52-week range of $190.25-$344.96. The stock is currently trading above its 50-day and 200-day moving averages. In the last one year, Apple shares climbed 65.33%.
Earlier today, Andy Hargreaves, an analyst at Pacific Crest, raised his first-quarter fiscal 2011 earnings estimate for Apple. Hargreaves raised his first-quarter earnings estimate from $5.39 per share to $5.65 per share, which is above the consensus estimate of $5.35 per share. The earnings have been raised upwards on higher iPhone and iPad unit sales.
In his research note, Hargreaves said that he believes that there were stock-outs of both, the iPad and the iPhone, in the last few days of the first quarter of fiscal 2011. He increased his unit estimate for iPhone and iPad to 15 million and 6.3 million, respectively. Apple will announce its first-quarter financial results on January 18.
Hargreaves also raised his 2011 unit estimates for iPhones from 59.88 million to 61.9 million and for iPad from 20.74 million to 22.5 million.
On Tuesday, Apple teamed up with Verizon Wireless to offer the iPhone 4 on Verizon Wireless network. The iPhone 4 will be available on Verizon’s network from February 10, 2011. The availability of the iPhone on Verizon’s network is expected to further boost the smartphone’s sale.
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