Saturday, November 1, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Apple’s stock bounces back to hit a new high

By
From page B5 | August 21, 2014 |

SAN FRANCISCO — Apple’s stock touched a new high Wednesday, reflecting investors’ renewed faith in CEO Tim Cook’s ability to outwit the competition and expand the technological hit factory built by the late Steve Jobs.

The milestone represents a dramatic turnaround in sentiment since Apple’s shares reached its previous split-adjusted peak of $100.72 in September 2012. After hitting $101.09 Wednesday afternoon, shares closed up 4 cents at $100.57. That gave Apple a market value of $602 billion — by far more than any other publicly held company.

Apple’s stock had fallen to a split-adjusted $55.01 in April 2013 to wipe out about $300 billion in shareholder wealth amid worries that the Cupertino, California, company had run out of ideas without Jobs as its mastermind. The anxiety escalated as sales of iPhones and iPads slowed amid the growing popularity of less expensive smartphones and tablet computers made by Samsung Electronics and other rivals relying on Google’s free Android software.

Now, there are signs that Samsung’s devices are losing momentum while Apple prepares to release the next version of its iPhone this fall and investors wait for Cook to deliver on his promise to introduce a product that will open up new opportunities. The breakthrough is widely expected to be a smartwatch that will include sensors to help people monitor their health.

Hewing to its secretive ways, Apple hasn’t provided details about its upcoming products.

Cook, though, has been raising hopes that Apple is poised to create a new product category for the first time since the iPad’s release four years ago. “We’ve got some great things that we’re working on that I’m very, very proud of and very, very excited about,” he told analysts in April.

Anticipation for the next iPhone already is running even higher than the usual frenetic buildup. The device is expected to feature a display screen of at least 4.7 inches, an upgrade likely to spur many Apple fans to scrap their old models for a more spacious version. Apple’s stock hit its previous high the last time the company increased the iPhone’s screen size in 2012, going from 3.5 inches to 4 inches that time.

Analysts are also enthused about Apple’s efforts to immerse its devices and services even more deeply into people’s lives by creating a system that syncs the iPhone with display screens in autos and implanting a health-tracking system in the next version of its mobile software due out this fall. The new software, called iOS 8, could also work with a smartwatch, if Apple does release one.

Apple’s stock has bounced back with the help of some financial engineering, too. The company’s board voted in April to spend an additional $30 billion buying back Apple’s stock and approved an unusual 7-for-1 stock split.

The split, completed last month, was Apple’s first in nine years.

Although a split doesn’t change a company’s market value, it often helps lift a stock’s price by making the shares appear more affordable to a larger pool of potential investors. In Apple’s case, the split caused the stock price to fall from about $645 to $92 to adjust for the issuance of more than 5 billion additional shares. Apple’s stock has risen 34 percent since the split was announced in April.

The rally is a vindication of sorts for Cook, whose every move is viewed through the prism of what Jobs might have done if he were still alive and running Apple. Jobs groomed Cook as his successor before he died in October 2011 after a long battle with cancer.

Apple’s stock has nearly doubled since Cook became CEO, outpacing the roughly 70 percent gain in the Standard & Poor’s 500 during the same stretch. Cook has done some things that most analysts doubt Jobs would have done, including buying headphone maker and music-streaming service provider Beats Electronics for $3 billion and funneling so much of Apple’s cash into buying back its own stock.

Cook and the rest of the board increased the amount being spent on Apple’s stock under pressure from activist investor Carl Icahn, who began accumulating his 0.8 percent stake in the company last summer when the stock was hovering around a split-adjusted $60. Icahn spent the next few months trumpeting Apple’s stock as a bargain investment, an assessment that now looks prescient.

In a Tuesday post on his Twitter account, Icahn reminded his 175,000 followers that he considered his investment in Apple to be one of his “no-brainers.” He added: “All my chips are still on the table.”

 

The Associated Press

The Associated Press

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

Real estate agent pens, produces movie

By Amy Maginnis-Honey | From Page: B1, 2 Comments

 
 
Neighborhood candy hunts of the past

By Tony Wade | From Page: A2

 
Vintage Fair on tap at McBride Senior Center

By Amy Maginnis-Honey | From Page: A3

 
Candy from sky highlights North Texas Street event

By Ryan McCarthy | From Page: A3 | Gallery

 
Fairfield police log: Oct. 29, 2014

By Susan Hiland | From Page: A12

Suisun City police log: Oct. 29, 2014

By Susan Hiland | From Page: A12, 1 Comment

 
.

US / World

California eyes $500 billion in water spending

By The Associated Press | From Page: A1, 2 Comments

 
Judge approves Stockton’s bankruptcy plan

By The Associated Press | From Page: A1

Marine wants new charges in Iraq war crime tossed

By The Associated Press | From Page: A3, 3 Comments

 
Roseville officer accused of criminal threats

By The Associated Press | From Page: A3, 1 Comment

Poll: Democrats leading in all statewide races

By The Associated Press | From Page: A4, 4 Comments

 
Man charged with murder in SWAT officer shooting

By The Associated Press | From Page: A4

Teen arrested in threat at Sacramento school

By The Associated Press | From Page: A4, 1 Comment

 
Police make arrest in slaying of Oakland mom

By The Associated Press | From Page: A4

Retrial in assault case over stray cat feeding

By The Associated Press | From Page: A4, 8 Comments

 
Missing California hunter roasted bugs, lizards

By The Associated Press | From Page: A4, 2 Comments

Pilot identified in California jet crash

By The Associated Press | From Page: A4

 
Lawsuit: Surgical gowns let diseases pass through

By The Associated Press | From Page: A5

Fearing Ebola? Doctors say get a flu shot

By The Associated Press | From Page: A5

 
Questions, answers about California’s Ebola policy

By The Associated Press | From Page: A5

Maine in standoff with nurse over Ebola safeguards

By The Associated Press | From Page: A5

 
Relatives suspected poisoning in family’s deaths

By The Associated Press | From Page: A6

Pair convicted in secret $1.6 M Navy silencer deal

By The Associated Press | From Page: A7

 
Guard troops sent to site of Hawaii lava flow

By The Associated Press | From Page: A7

Terminally ill woman may postpone taking her life

By The Associated Press | From Page: A7, 2 Comments

 
Man’s own dog helps police bust him on drug charge

By The Associated Press | From Page: A7

Israel closes Jerusalem holy site after shooting

By The Associated Press | From Page: A10

 
Fearing uprising, Iraq militants hunt ex-police

By The Associated Press | From Page: A10 | Gallery

Vatican admits Sistine Chapel frescoes ‘whitened’

By The Associated Press | From Page: A10 | Gallery

 
Death penalty sought for trooper ambush suspect

By The Associated Press | From Page: A12

.

Opinion

 
Editorial Cartoons: Oct. 31, 2014

By Daily Republic Syndicated Content | From Page: A11

 
 
Man’s prosecution unwarranted

By Letter to the Editor | From Page: A11, 9 Comments

Are we safe now?

By Letter to the Editor | From Page: A11, 20 Comments

 
.

Living

Community Calendar: Oct. 31, 2014

By Susan Hiland | From Page: A2

 
Today in History: Oct. 31, 2014

By The Associated Press | From Page: A2

My husband sends texts filled with ‘dirty talk’ to an old flame

By Kathy Mitchell and Marcy Sugar | From Page: A9

 
Horoscopes: Oct. 31, 2014

By Holiday Mathis | From Page: A9

.

Entertainment

Jorge Garcia makes the most of ‘Hawaii Five-O’

By The Associated Press | From Page: B1, 1 Comment

 
Week in preview Oct. 31-Nov. 6, 2014

By Amy Maginnis-Honey | From Page: B1

Monica Potter wants to save her show ‘Parenthood’

By The Associated Press | From Page: B2

 
Review: Jake Gyllenhaal, tightly coiled and creepy

By The Associated Press | From Page: B2

Exhibit on Paul Simon’s life to debut at Rock Hall

By The Associated Press | From Page: B2

 
PBS touts 2013-14 ratings growth

By The Associated Press | From Page: B2

Reality TV show ‘Big Brother’ to debut in China

By The Associated Press | From Page: B2

 
‘The View’ now under ABC News as further revamping

By The Associated Press | From Page: B3

Review: ‘Sleep’ a decidedly average psych thriller

By The Associated Press | From Page: B3

 
Entertainment calendar Oct. 31, 2014

By Amy Maginnis-Honey | From Page: B4

Winter’s wife has blues listening to his new album

By The Associated Press | From Page: B5

 
Pulitzer Prize-winning poet Galway Kinnell dies

By The Associated Press | From Page: B6

TVGrid

By Daily Republic Syndicated Content | From Page: B6

 
.

Sports

 
 
Benicia fends off Vanden, 35-21

By Nick DeCicco | From Page: B7 | Gallery

New dynasty: Giants capture 3rd title in 5 years

By The Associated Press | From Page: B7 | Gallery

 
Sonoma Raceway to host IndyCar Series finale in 2015

By The Associated Press | From Page: B8

Warriors exercise options on Barnes, Ezeli

By The Associated Press | From Page: B8

 
Mack making impact for Raiders even without sacks

By The Associated Press | From Page: B8 | Gallery

Bye week helps 49ers Vernon Davis’ recovery

By The Associated Press | From Page: B8

 
This date in sports history for Friday, Oct. 31, 2014

By The Associated Press | From Page: B9

 
Prep football capsules: Week 9

By Paul Farmer | From Page: B10

.

Business

Not so sweet: Chocolate prices are set to rise

By The Associated Press | From Page: B11, 1 Comment | Gallery

 
Apple CEO publicly acknowledges that he’s gay

By The Associated Press | From Page: B11, 1 Comment | Gallery

FTC accuses Gerber of false claim on baby formula

By The Associated Press | From Page: B11

 
.

Obituaries

Robert Louis Wright

By Nancy Green | From Page: A4

 
Oscar Lee Vezeau

By Susan Hiland | From Page: A4

.

Comics

Peanuts

By Daily Republic Syndicated Content | From Page: A8

 
Baby Blues

By Daily Republic Syndicated Content | From Page: A8

Baldo

By Daily Republic Syndicated Content | From Page: A8

 
Blondie

By Daily Republic Syndicated Content | From Page: A8

Zits

By Daily Republic Syndicated Content | From Page: A8

 
Dilbert

By Daily Republic Syndicated Content | From Page: A8

Frank and Ernest

By Daily Republic Syndicated Content | From Page: A8

 
Sally Forth

By Daily Republic Syndicated Content | From Page: A8

B.C.

By Daily Republic Syndicated Content | From Page: A8

 
For Better or Worse

By Daily Republic Syndicated Content | From Page: A8

Pickles

By Daily Republic Syndicated Content | From Page: A8

 
Garfield

By Daily Republic Syndicated Content | From Page: A8

Beetle Bailey

By Daily Republic Syndicated Content | From Page: A8

 
Wizard of Id

By Daily Republic Syndicated Content | From Page: A8

Rose is Rose

By Daily Republic Syndicated Content | From Page: A8

 
Get Fuzzy

By Daily Republic Syndicated Content | From Page: A8

Bridge

By Daily Republic Syndicated Content | From Page: A9

 
Sudoku

By Daily Republic Syndicated Content | From Page: A9

Crossword

By Daily Republic Syndicated Content | From Page: A9

 
Word Sleuth

By Daily Republic Syndicated Content | From Page: A9