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5-Day Forecast
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Wednesday, January 7, 2009
24-Hour News Technology |
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Apple, Google hit new highs
-- The Associated Press (Published September 24‚ 2007) NEW YORK (AP) Shares of iPod and iPhone maker Apple Inc. and search engine Google Inc. hit new highs Monday, as investors expressed ongoing confidence in the companies' stocks. Apple shares traded as high as $149.85 Monday after a Citi Investment Research analyst increased his price target for the stock. The share increase eclipsed an all-time high of $148.92 that the company hit in July. During early afternoon trading, Apple shares added $4.85, or 3.4 percent, to $149. In a note to clients Monday, Citi analyst Richard Gardner increased his price target for the stock to $185 from $160 and repeated his "Buy" rating. Gardner said he raised his fiscal 2008 and 2009 earnings estimates to $4.76 from $4.30 and to $6.35 from $5.55, respectively, on the expectation that Apple will see increased gross margins and lower operating expenses. He also increased his third-quarter computer sales estimate for Apple, saying he now expects it to sell 2.17 million units, compared with an earlier estimate of 2 million units. Meanwhile, shares of Google hit a new all-time high of $571.46, continuing an upward trend that it exhibited Friday when it bested an earlier peak by trading as high as $560.79. The company's shares settled down a bit during the early afternoon, adding $7.86, or 1.4 percent, to $567.96. On Friday, the company said it is currently seeking approval from European Union regulators regarding its $3.1 billion purchase of online advertising company DoubleClick. The commission on Monday said it will finish an initial review by Oct. 26, though it could decide to start a deeper investigation into the deal that could take as long as four months. Shares of Microsoft Corp. also rose Monday, adding 83 cents, or 2.9 percent, to $29.48 as investors anticipated Tuesday's release of the company's "Halo 3" video game. The game is the last installment in the company's "Halo" video game trilogy. Microsoft said that over 1.5 million copies of the game have been pre-sold, which is more than the number of games sold in advance of the release of its "Halo 2" game. The game is exclusive to Microsoft's XBox 360 game system - a system that competes fiercely with Nintendo Co.'s Wii and Sony Corp.'s PlayStation 3 consoles. The company said that over 10,000 stores will be open at midnight on Monday to herald the game's release. |
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