Tomahawk, WI 08/20/2014 (Basicsmedia) – The long wait as to when Apple Inc. (NASDAQ:AAPL)‘s stock was going to return to the triple-digit territory came to a close on Tuesday trading session after the company clocked the $100 mark for the first time since its stock split. It’s been quite a ride for Apple in its run to clock the $100 mark according to, William Power, an analyst at Robert W. Baird in an interview on CNBC especially on the fact that it is still shy of its all-time high market cap.
As of the close of business yesterday, the company had surged by 1.38% closing the day at a high of $100.53. The surge in the market comes at a time that the market is awaiting the launch of the Apple Inc. (NASDAQ:AAPL)’s new flagship products thought to be iPhone 6 and iWatch.
“It’s been quite a ride over the last couple of years, but you know what’s the interesting thing here, is if you go back up and look at the buybacks they have done over the last couple of years. The market cap is actually not quite, you know what it was back when it hit the $700 pre-split, but never the less, $100 is a nice milestone,” said Mr. Power.
The catalyst behind the surge can be attributed to the month of September where the company is set to refresh its product line. Should the Apple Inc. (NASDAQ:AAPL) release exquisite products in the coming month, then it is set to receive more favor with analysts at Wall Street a move that may result in the stock soaring even further.
Last year, Apple Inc. (NASDAQ:AAPL) sold a total of 9 million iPhones in the first week of refresh, waiting to see if it will beat the record with the launch of iPhone 6. Sales in this case will mostly depend on the supply of the devices after the official launch.
“This is going to hinge on what supply looks like when they actually become available. You know, we think, of course, that the launch announcement will be September 9th, and if patents hold, it will go on sale a week thereafter, but I think it will be a disappointment if they couldn’t tap that number assume they had an adequate supply,” said Mr. Power.