Apple Inc. (AAPL) Shares Soar Past $100
Shares of Apple Inc. soared above $100 for the first time after the company walloped Wall Street expectations with quarterly profits that jumped 88 percent on strong sales of its iPod players and Macintosh computers.
The shares gained more than 7 percent on the news in after-hours trading Wednesday.
Investor optimism in the trendsetting company may have also been bolstered by a vote of confidence the board of directors gave Apple's chief executive officer, Steve Jobs. The board on Wednesday defended the iconic CEO from new accusations by a former Apple executive who alleged Jobs may have had a more significant role in the company's backdating of stock options than previously stated.
For the first three months of the year, the Cupertino-based company said it earned $770 million, or 87 cents per share, up from $410 million, or 47 cents per share, in the year-ago period.
The shares gained more than 7 percent on the news in after-hours trading Wednesday.
Investor optimism in the trendsetting company may have also been bolstered by a vote of confidence the board of directors gave Apple's chief executive officer, Steve Jobs. The board on Wednesday defended the iconic CEO from new accusations by a former Apple executive who alleged Jobs may have had a more significant role in the company's backdating of stock options than previously stated.
For the first three months of the year, the Cupertino-based company said it earned $770 million, or 87 cents per share, up from $410 million, or 47 cents per share, in the year-ago period.
Labels: AAPL, Apple Inc.
posted by Stock Administrator @ 1:50 AM
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