Filed under: Major movement, Apple Inc (AAPL), Market matters, Headline news
Bravo to all those Apple Inc. (NASDAQ: AAPL) shareholders that were looking for the share price to pass $200 this year, because today it did just that! The stock reached $200.96 just before 2:00 PM EST.
I can just picture my colleague Georges Yared smiling at the news since he has been the most fervent Apple supporter. I’m sure one of our frequent commenters “Beltway Greg” is patting himself on the back at his massive call. Both of them envisioned this milestone as realistic, although perhaps not so soon.
Greg even wanted to bet me that Apple would reach the $200 mark within a twelve month period. If memory serves me correct he not only would have won the bet, but done so six months early. Apple shut on the 24th at $198.80 and is up pennies today after trading in a $4 range throughout the day.
The Associated Press reports Apple retail sales were strong this holiday season despite weaker over all indications that retail sales have been spotty, at ideal. This continues Apples strong momentum during 2007 as investor and consumer confidence in the iPhone, improved iPods, and notebook personal continue to be in high demand and finding new and expanding markets.
Apple’s newly released Leopard operating system upgrade is now being distributed and has found it’s way into our household and millions of others while most Apple stores are a buzz with people of all ages leading one to believe that the momentum of the company has not lost any steam.
At a trailing P/E of 50 and a forward P/E near 40 I don’t consider the stock to be anywhere near the bargain today’s investors think it is. However, value is in the eye of the buyer, not me sitting on the sidelines watching others rake in the profits this year. To those of you many investors that made the right call this year along with Georges and Greg, have a happy new year!
Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm.
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