You’re probably going to see a lot of stories like this in the coming weeks. Apple stock opened at a record $680 a share this morning, on the first day of trading following the Cupertino company’s massive victory over Samsung on Friday. This surpasses its previous record of $674.88 a share, which was hit last Tuesday, August 21, and it pushes Apple’s market capitalization to a new high of $637 billion.
Apple’s landmark victory over Samsung last week saw the company awarded $1.049 billion in damages by a jury who needed just three days of deliberation. This obviously pleased investors, who have sent Apple stock roaring yet again.
On August 20, Apple became the most valuable public company of all time when it reached $660.73 a share with a market cap of $619.37 billion — surpassing the previous record of $618.89 billion held by Microsoft. And the chance of that share price decreasing any time soon doesn’t look at all likely.
Earlier this month, Bullish Cross analyst Andy Zaky explained that investors are desperate to throw their cash into Apple before the company releases the iPhone 5 next month. As a result of this, its share price is going to continue to climb for the foreseeable future. Zaky predicts that it’ll reach $700 a share during September, and I don’t think anyone is going to disagree with that right now.
But Apple’s victory over Samsung isn’t quite safe yet. The Korean electronics behemoth is expected to appeal the ruling, which sent its own stock into a steady decline; it’s currently trading down 7.45% on the Korea Stock Exchange, causing Samsung market cap to drop $12 billion.
- Via TechCrunch