Is Apple Looking Good Again?
Every time Apple (NASDAQ:AAPL) releases an updated product, there comes a period in which analysts and the tech community at large take a step back to assess the company’s health, looking at how the new devices will modify the company’s business strategy and strengthen its future profitability.
That’s what happened on October 23, 2001, when Steve Jobs convened a group of technology reporters at the company’s Cupertino, California, headquarters to announce a new product: the iPod. The announcement profoundly changed the technological world and the company itself, which would drop “Computers” from “Apple Computers” six years later. On Wednesday, 12 years after the iPod was first unveiled, analysts are sitting back once again and assessing the company and its newly released iPad Air and second-generation iPad mini.
Company shares closed up $5.09, or 0.98 percent, at $524.96 on Wednesday. Apple’s release of two new tablet models gave the stock momentum, with shares closing up 12.31 percent above month-ago levels. However, the stock has lost 1.36 percent of its value this year to date and 13.92 percent in the past 12 months. Wednesday’s $5 jump showed a measure of confidence in Apple’s profitability, and the fact that two brokerages announced they were maintaining a buy rating on the company’s shares reinforced that confidence.