Shares of Apple Inc. (NASDAQ: AAPL) added 65 cents last week (about 0.5%), closing at $140.64 on Friday. The stock posted a new 52-week high on Tuesday.
Apple launched a number of new products Tuesday morning and that sent the stock to its new annual high. By the end of the day, however, the shares closed down more than $2.00.
The product announcements included the introduction of a new, lower-priced 9.7-inch iPad that may be telegraphing the eventual demise of the iPad mini. Apple also introduced a new version of its entry-level iPhone SE. The new SE, with 32GB of memory and an A9 processor, will sell for $399. With 128GB of memory the SE will cost $499. That’s about half the expected price of the new iPhone 8 expected to be introduced in the fall.
Apple also announced the acquisition of a productivity app for iOS and Android called Workflow. The app allows users easily to create complex macro commands to help automate routine chores. The price was not disclosed and the app, which had previously cost $1.99, appeared in the App Store as a free download.
Apple’s market cap is now over $736 billion, up about $2 billion in the past week. Between last May, when the stock dropped to a 52-week low, and last week, the shares have added just over 57%.
Apple shares closed at $140.64 on Friday in a 52-week range of $89.47 to $142.80. The consensus 12-month price target is $144.48 in a price target range of $102 to $185 per share.
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