U.S. stocks rose Friday as shares of Apple hit an all-time high to lead a rally for technology companies. Retailers and most other groups of stocks also were higher. A slightly disappointing April jobs report didn't have much effect on the market. Trade talks between the U.S. and China ended without a deal, but that wasn't a big surprise to Wall Street. Apple spike after billionaire investor Warren Buffett said his Berkshire Hathaway company had bought more of its stock in the past few months. Apple rose 3.3 percent to $182.75 after Buffett told CNBC his company bought another 75 million shares in the tech giant, giving it more than 240 million shares altogether. Buffett told CNBC about the purchase ahead of Berkshire Hathaway's annual meeting this weekend. Apple has climbed 12.5 percent this week after the company reported solid results at the start of the year and investors were pleased with its forecast of solid iPhone sales, which came as a relief to investors. It also raised … [Read more...] about Apple stock price hits new high after Warren Buffett reveals bigger stake
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NEW YORK Goldman Sachs (GS) dropped Apple (AAPL) off its list of most highly recommended stocks Tuesday as it joined other analysts in reducing expectations for a company that hasn't had a revolutionary new product since the iPad in 2010. Goldman analyst Bill Shope said the iPhone 5, introduced last fall, hasn't sold as well as he expected. He said the company now needs some real hits among the products it rolls out during the second half of the year in order to boost the stock price. Apple's stock fell $1.01, or 0.2 percent, to $427.90 in afternoon trading Tuesday, while the Nasdaq was up 0.2 percent. Apple's stock price is close to its one-year low of $419, hit a month ago. It's well off its all-time peak of $705.07, reached in September on the day the iPhone 5 went on sale. Apple stock falls to latest 52-week low Why Google stock's going great and Apple ain't Apple shareholder drops lawsuit on preferred stock Besides taking the company off Goldman's "Americas … [Read more...] about Goldman plucks Apple stock from “preferred” list
HARTFORD, Conn. A securities trader admitted Monday that he participated in a scheme involving the unauthorized purchase of about $1 billion of Apple (AAPL) stock that wound up costing his employer $5 million, federal prosecutors said. David Miller of Rockville Centre, N.Y., pleaded guilty in Hartford to conspiracy and fraud offenses, the U.S. Attorney's office said. "This defendant participated in a fraudulent scheme in which he would either reap huge profits through the unauthorized purchase of approximately $1 billion of Apple stock or, if he faced huge losses, explain it away as simple human error," U.S. Attorney David Fein said. "This scheme caused catastrophic losses for his former employer and was unraveled promptly by the FBI." Feds: Ex-KPMG partner faces criminal, civil charges Madoff SEC lawsuit rejected by federal appeals court Ex-Credit Suisse exec pleads not guilty to fraud charges The investigation is continuing, Fein said. Miller's attorney says he regrets what he … [Read more...] about Trader pleads guilty in $1 billion Apple stock scheme
(MoneyWatch) Apple (AAPL) stock crossed over the $500 per share mark for a while yesterday, seemingly pumped up by tweets from investor Carl Icahn. The activist (or corporate raider, depending on who is describing him) said that he had spoken with CEO Tim Cook and said that Apple's stock buyback program needed an immediate boost. Icahn further mentioned that he has a large position in Apple shares and that the stock is "extremely undervalued." Arguing Apple's stock as undervalued is hardly a new position to take, and it is true that the company's worth is often discounted by analysts and big investors. What other tech firm has managed the amazing levels of revenue and profitability? But the bump is temporary. What will return the stock to higher price levels, or send it tumbling down even further, is how Apple's new products this fall perform. Samsung and Apple: High-tech's Punch and JudyObama bails out Apple: Now what?Samsung Galaxy beats Apple iPhone in satisfactionWhy Apple, … [Read more...] about Apple stock pop nothing to depend on
U.S. equities moved further into record high terrain again on Tuesday, showing a steadfast resistance to anything resembling selling pressure since the middle of August. The action was nearly a carbon copy of Monday's: An accelerating ramp at the open moderated into the closing bell. No major catalysts were in play, although solid September auto sales got some attention. The focus remains on the near vertical rise in small-cap stocks (chart below), which actually spent the bulk of the day trading in negative territory before rallying into the closing bell -- ensuring all the major averages notched a new record high. This market doesn't feature a lot of texture or undercurrents. Instead, it's a continuation or even a heightening of trends that have been in play for months if not years. The extinguishment of volatility, rock-solid belief in the U.S. economy's stability and healthy corporate earnings -- all with the backstop of excess liquidity sloshing around the financial system. … [Read more...] about Can anything pull stock prices back to earth?