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Apple stock climbs amid broader rally after analyst calls recent sell-off 'insane'
NEW YORK, N.Y. - Apple's stock is trading nearly 5 per cent higher, with one analyst calling a recent sell-off in shares of the in the iPhone and iPad maker "insanely insane."
Shares of Apple Inc. rose $25.24, or 4.8 per cent, to $552.92 in midday trading Monday. Even with the gain, the stock is down nearly 22 per cent from the record high of $705.10 that it hit in September.
Topeka Capital Markets analyst Brian White says the sell-off in the past eight weeks is overdone. He cites new "blockbuster" products for the holiday season — including the iPad Mini — as reasons for buying the stock.
Monday's increase is on track to become the biggest one-day gain since May 21, when the stock closed up 5.8 per cent at $561.30.
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