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Apple Shares Touch $400 Mark for First Time

Tuesday, 26 Jul 2011 07:49 AM

Shares of Apple Inc. briefly touched the $400 mark for the first time during regular trading Monday, nearly a week after the company reported record earnings and revenue on the popularity of its iPhone and iPad.

The stock's 52-week high before Monday was $396.27. The stock has risen steadily over the past several years, and has climbed 21.9 percent so far this year.

Apple's trading milestone came on a day when competitor Research in Motion Ltd. announced it would cut 2,000 jobs and reshuffle some executives to try to fix its struggling smartphone business. RIM shares fell $1.05, or 3.8 percent, to $26.86.

Last Tuesday, Apple, based in Cupertino, Calif., said its fiscal third-quarter net income more than doubled to $7.31 billion, or $7.79 per share, as revenue climbed 82 percent to $28.6 billion.

The company's results were bolstered by stronger sales of iPhones and iPads than analysts expected: Apple sold 20.3 million iPhones and 9.25 million iPads.

Since the report, the stock has risen 4.4 percent.

In afternoon trading, Apple shares were down from their daily high but still up $6.45, or 1.6 percent, at $399.75.

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