Apple Recap: China Mobile Deal, Rumor Killing, Price Target Shocker
Apple (NASDAQ:AAPL) finally picked up some steam on Thursday, closing 1.24 percent up at $523.51 after getting lift from news that chief executive Tim Cook may have brokered a deal with China Mobile (NYSE:CHL). And although Apple bull Gene Munster announced later in the afternoon that he had cut his price target on the stock, the shares managed to hold on to their earlier gains.
Brokering a China Deal
The long-awaited deal between Apple and China Mobile may finally be close after Cook and the wireless provider’s chairman, Xi Guohua, discussed cooperation during a meeting in Beijing. China is one of Apple’s most important markets and holds a huge potential for growth. But China Mobile, with its 707 million subscribers and 64 percent of the country’s domestic mobile phone market, is critical to those growth plans. The two companies have tried in the past to come to an agreement, but failed either because of technical incompatibility issues or those related to shipment commitment and handset subsidy… (Read more)
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