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Apple stock


Wall Street analysts have predicted that Apple will become the world’s first trillion-dollar company when its shares top $1,000 each.

Apple’s shares were worth $633.38 last week as its stock price rose above Google’s for the first time.

Brian White, of Topeka Capital Markets, then claimed Apple’s sky-high share price will hit four figures within 12 months – making the company worth $1trillion.

He said in his report: “Apple fever is spreading like a wildfire around the world.”

Gene Munster, of Piper Jaffray, followed that up by claiming Apple stock will hit $1,000 – but by 2014.

Apple, based in Cupertino, California, is already the most valuable company in the world currently valued at $590.82 billion.


Wall Street analysts have predicted that Apple will become the world's first trillion-dollar company when its shares top $1,000 each

Wall Street analysts have predicted that Apple will become the world's first trillion-dollar company when its shares top $1,000 each

Just a year ago the shares were changing hands at $341. In January Apple revealed it had more than doubled its profits to $13.06billion, compared with $6billion for the same quarter in 2010.

That was driven by record sales of 37.04 million iPhones in the final quarter of 2011, 128% up on the previous year.

Tim Cook, Apple’s CEO who took over from the late co-founder Steve Jobs, said: “We could have sold more if we’d had more supply. We could not be happier.”

Apple also sold a record 15.43 million iPads over the quarter, more than double the number of a year ago.

Research group Gartner also said the company overtook Samsung as the world’s top smartphone maker last quarter.

Apple’s growth is expected to be driven by sales in China, where January’s launch of the iPhone 4S triggered a near riot in Beijing.

Earlier this year Morgan Stanley analyst Katy Huberty predicted Apple could sell 40 million iPhones in China this year.

Apple is also expected to move into the TV market after the launch of its set-top box Apple TV.

In his report, Gene Muster said: “The key risk to the Apple story is pace of innovation.

“While we have not seen anything to make us believe innovation will slow, it is the fundamental barrier that stands between shares at $600 and at $1,000.

“Apple has won the ecosystem and interface war, and must continue to innovate around its leadership position to grow the business.

“Going forward, consumer interest in owning future Apple products is a key metric to measuring Apple’s pace of innovation.”

 

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Steve Jobs, the co-founder of Apple, has announced his resignation as CEO of the company and decision to serve as Chairman of the Board last night.

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Steve Jobs, who has fought a long-running battle with cancer, wrote in the resignation letter sent to the Apple’s board and community:

 

“To the Apple Board of Directors and the Apple Community:

I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come.

I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.”

 

Steve Jobs dropped out of college and founded Apple with Steve Wozniak and Ronald Wayne in April 1st 1976. For many years, Steve Jobs’ name was synonymous with Apple.

Steve Jobs has announced his resignation as Apple's CEO and decision to serve as Chairman of the Board

Steve Jobs has announced his resignation as Apple's CEO and decision to serve as Chairman of the Board

Apple shares were suspended last night. [googlead tip=”vertical_mediu” aliniat=”dreapta”]

Tim Cook, who was named by Steve Jobs as his successor, ran Apple when Jobs went on medical leave and has essentially been running day-to-day operations since early this year.

Art Levinson, Apple board member praised Steve Jobs’ leadership. [googlead tip=”lista_mare” aliniat=”dreapta”]

“Steve’s extraordinary vision and leadership saved Apple and guided it to its position as the world’s most innovative and valuable technology company,” he said in a statement.

“The board has complete confidence that Tim is the right person to be our next CEO,” Art Levinson added.