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The stock of Apple touched a new high on Wednesday, reflecting the renewed faith in the ability of Tim Cook, the CEO for outwitting the competition and expanding the technological hit factory by Steve Jobs.
A dramatic turnaround is represented in the sentiment since the shares of Apple have reached its previous slit-adjusted peal of $100.72 (U.S.) in the month of September in the year 2012. After the shares hit $101.09 on Wednesday afternoon, shares closed up 4 cents at $100.57 (U.S.). Thus, the market value of $602 billion was obtained by Apple, and this is more than any other company which is publicly held.
The stock of Apple had fallen to a split-adjusted $55.01 in April 2012 for wiping out $300 billion in the wealth of shareholder amid the worries that that Cupertino, the California-based company was out of ideas without jobs as its mastermind. There was escalation in the anxiety as there was a slow down in the sales of iPads and iPhones amidst the growing popularity of less expensive tablet computers and smartphones that were made by Samsung Electronics and other rivals depending on the free Android software of Google.
Now there are signs that the devices of Google are losing momentum while Apple is preparing to release the next version of iPhone this fall. Investors are waiting for the introduction of this new product through which new opportunities will be opened up for them. It is expected to be a smartwatch which would be including sensors for helping the people in monitoring their health. No details have been provided by Apple about the upcoming products.
Hopes have been raised by Cook about a new category of products being created by Apple for the 1st time since its release.