Radar Movers: Apple Finishes at $500, GE and RIM Climb Higher
Shares of Apple (NASDAQ:AAPL) closed the day slightly in the red at $500. Despite the recent struggles, Wells Fargo analyst Maynard Um believes the stock will regain momentum this summer once the company launches a new iPhone. According to Um, Apple will continue the trend of having a very similar next model — like the iPhone 4 and iPhone 4S — with the use of shared components in the two versions boosting gross margins. With the launch of the “iPhone 5S,” Apple’s current “black ice” will “thaw through summer,” Um wrote in a research note, according to AppleInsider.