Is the worst behind us? On this Canadian Thanksgiving day, the US market had its highest point gain in history, and AAPL joined in the festivities. The stock was up $13.46 to $110.26, a rise of nearly 14%. AAPL beat the 11-12% gain of the market indices, but despite its upgrade to outperform, strangely enough it was merely good for a day like today. It wasn't outstanding by any means, as the screengrab below illustrates.
Dell, Google, and RIMM also beat AAPL's rise today, as did AT&T. On the other hand, this gain for AAPL was on top of Friday's 9% gain. In fact, it closed 28.7% higher than its low less than a week ago.
I sold the batch I bought at 108.30 for $109. Ironically, I made over 8% profit, during that two week period, the Canadian dollar dropped precipitously, following oil prices. The US dollar buys a lot more Canuckbux today than it did last month.
Tomorrow we will see the effects of the MacBook announcement, and next week we'll get the quarterly earnings report. Revenues and profits are likely to be very good, but who knows how conversative Apple will be when it comes to guidance.
AAPL was up to $113.75 in after hours trading.