CUPERTINO (CBS/AP) — Apple’s stock has hit a new high after a four-month swoon, as investors were looking ahead to the release of a new iPhone model, and possibly a smaller iPad.
Already the world’s most valuable company, Apple Inc. saw its stock hit $644.13 in morning trading Friday, before retreating to $642.
The previous high for the stock was $644, hit on April 10.
Apple has a market value of $602 billion, almost 50 percent higher than No. 2 Exxon Mobil Corp. at $408 billion.
Apple’s stock fell last month after the company’s earnings report for the April-June quarter showed the slowest growth in more than two years. It was only the second time in 10 years that Apple had missed analyst expectations.
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