Apple Inc.(NASDAQ:AAPL) is leading tech rally on
Monday and the stock easily move back above $600 mark as more and more media
reports revealing the date for the company’s mush awaited new version on
iPhone5.
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Trend Analysis on AAPL
This morning, as per sources from Bloomberg
stated that the company company may launch upgraded version of iPhone on Sept.
12. As per analyst at Piper Jaffray Cos., the phone is expected to have larger
screen and thinner body with , and is expected to work with faster long-term
evolution wireless networks being introduced by carriers such as Verizon
Wireless and AT&T Inc.
There are strong anticipation and analysts believe that
the new phone would be the best consumer product for the year as at least. The
anticipation is so high that buyers decided to delay their buying, resulted in
lower sales for the report third quarter.
Yesterday, a report from iMore
first revealed that about the new launch and today’s report from Bloomberg has
boosted confidence among investors and analysts.
Shares of AAPL soared 2.56% to $610.24 on hefty
volume and now the stock has moved back pre-earnings level. The stock has
recovered about 7% from last week’s low of $570. Technical is suggesting
bullish trend for the stock with a resistance at $618.
Not only AAPL, but shares of its suppliers also
gained momentum with Cirrus Logic, Inc.(NASDAQ:CRUS) soaring to multi-year high
after guiding solid earnings for the current quarter, which easily topped analysts’
target.
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Cirrus Monday projected revenue of $170 million to
$190 million in the fiscal second quarter, well above the first quarter's $99
million and the $130 million estimated by analysts, according to Thomson
Reuters. Its fiscal first-quarter results were largely in line with
expectations.
Shares of CRUS rose 23.40% to $36.82, after briefly hitting
multi year high of $37.27.
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