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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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.