Shares of Apple Inc.(NASDAQ:AAPL) slips to session low on Friday in late morning session as the broader market slid with the DOW down 80 points after showing recent rally. Shares of AAPL are down 0.89% to session low $608.85.
Over the past three weeks, the stock has been showing bullish trend on the technical chart with stock trading showing sign of stabilizing above $600 mark. However, despite couple of attempts, the stock failed to cross its short term resistance of $618, which was its peak three months ago.
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Shares of AAPL have performed quite well so far this year and risen over 50% with the company won status of World’s largest company by market value.
Today, the company made come back in China for marketing its iPad after reaching a legal battle with China’s Proview International Holdings Ltd., which sued the company for iPad trademark and restricted the company to launch. Last month, Apple decided to pay $60 million to settle a two-year-old legal dispute.
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This is definitely good news for shareholders, as China represents key market for the company considering the country contributed 20% to the company’s total revenue in the second quarter.
Now, irrespective of recent stock price movement, investors would focus on the company’s third quarter earnings, which is scheduled to be announced on Jul 23, 2012. Analysts are targetting the company to earn as much as $10.38 a share, up sharply from a year ago profit of $7.79 a share. Revenue is estimates to grow by 30.70% year over year to $37.34 billion.
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In the options market, $615 strike call is the most active with 34,495 contracts added so far with open interest of 15,640, while $620 traded 14,526 contracts with open interest of 20,761.