AAPL opens at new all-time high, following strong earnings report

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Investors can't get enough of AAPL.
Photo: Ste Smith/Cult of Mac

Following its strong quarterly earnings call yesterday, AAPL stock has opened 6 percent up at $159 a share, representing a new all-time high valuation for Apple.

With a market cap of $830 billion, suddenly the proposed Wall Street valuation of 1 trillion dollars within the next year looks a whole lot more realistic! Why did we ever doubt it?

Why Apple stock is far from dead

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Apple shares have been taking a beating!
Photo: Ste Smith/Cult of Mac

AAPL stock fell to a new 52-week low last week, signaling its longest loss streak in 18 years, but portfolio managers aren’t close to throwing in the towel on Apple just yet. In fact, this could turn out to be the equivalent of a Black Friday sale for anyone wanting to get their hands on some massively undervalued stock!

“Things aren’t as bad as everybody thinks,” said Dan Morgan, senior portfolio manager at Synovus Trust, speaking on CNBC‘s “Squawk on the Street.” “[Apple has] a tremendous amount of room to grow.”

Sapphire supplier CEO cashed in his shares before iPhone 6 reveal

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GT Advanced Technology shares have dropped a massive 93%.
GT Advanced Technologies CEO appears to have parachuted out before shares hit rock bottom.

The idea that the iPhone 6 and 6 Plus would have a sapphire display was one of the most widely reported errors leading up to the unveiling of Apple’s next gen iPhones.

But while plenty of time was spent discussing the possibility, very few people made any money through the speculation — except for Tom Gutierrez, CEO of sapphire manufacturer GT Advanced Technologies, which just filed for bankruptcy protection.

According to the Wall Street Journal, one day before Apple revealed its new iPhones wouldn’t feature sapphire screens after all, the boss of the struggling company cashed in more than 9,000 shares of GT stock for an average price of $17.38 — bringing in a total of $160,000.

Since February this year, Gutierrez has sold close to 700,000 shares in his company, valued at more than $10 million.

Apple Shares Fall More Than Six Percent Today, Biggest Single Day Loss In Four Years

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Apple shares took a tumble today, with a over six percent loss, making this the largest stock drop in a single day, making it the biggest one in four years. Analysts and other investors are blaming the sell-off and resulting stock price drop on many factors, including a recent forecast by an influential firm that Google’s Android operating system continues to gain ground, as well as unconfirmed reports that at least one stock-clearing house has been raising margin requirements on trades in Apple stock.

Forrest Gump’s Investment In Apple Would Be Worth $7 Billion Today

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Gump's investment in Apple would make him a billionaire today.
Gump's investment in Apple would make him a billionaire today.

In the 1994 Oscar-winning movie Forrest Gump, there’s a short scene in which Tom Hanks’s character opens a letter of thanks from Apple after his former military colleague and business partner Lieutenant Dan invested some of the profits from the Bubba Gump Shrimp Company in “some kind of fruit company.”

If Gump was real and if he was still clinging on to his investment today, he could have a staggering 12 million shares in the Cupertino company, worth around $7 billion.

Workin’ For The Man: Apple Retail Employees Scrutinized In New York Times Profile [Report]

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Malkovich has Siri telling jokes, but Apple's fans are far from amused.
Malkovich has Siri telling jokes, but Apple's fans are far from amused.

Let’s look at a few facts.

Apple Retail stores were the number one retailer last year, taking in more money per square foot than any other US retailer, including number two Tiffany, which made a bit more than half of that. Sounds good, right? Then take a look at what a retail employee, Jordan Golson, has to say.

“I was earning $11.25 an hour,” he said. “Part of me was thinking, ‘This is great. I’m an Apple fan, the store is doing really well.’ But when you look at the amount of money the company is making and then you look at your paycheck, it’s kind of tough.”

The disconnect between the incredible success of the corporation and the relatively low-end pay scale of its retail employees, as well as the reasons those retail employees continue to work for Apple, is the subject of a report in the New York Times today.

Apple SVP Bob Mansfield Just Sold 99% of His Apple Shares for $13.7 Million

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Bob Mansfield is Apple’s Senior Vice President of hardware engineering, who earlier this week sold 99% of his shares in the company for $13.7 million, according to an SEC filing. Mansfield frequently trades his Apple stock; selling shares while they’re at their peak, then buying more as they fall with a 15% employee discount. His latest sale is his largest so far.

On Monday, Mansfield reportedly sold 38,863 of his Apple shares – leaving him with just 501 – each worth $351.89. Over the last three years, Mansfield has sold almost $58.5 million worth of investments, taking home $37.9 million after taxes.