What do the Big Apple and Apple have in common? Nothing except that during the month of July 2013 they were both scorching hot!
Apple, after swooning for nearly a year, had a nice month. Despite reporting less than stellar earnings this month, Apple saw its stock jump from $409 a share on June 30, 2013 to about $453 a share at market close. The last seven days have been even better — Apple’s stock went from $437 a share to around $453 a share at the close of the market — a roughly 4 percent gain.
I am guessing that everyone thinks with the bad news out of the way and a new iPhone 5S (and cheaper devices) on the horizon, Apple’s fortunes are going to swing upwards. That said, for the past 12-months, the stock is down from $606 a share to $455 a share. That whole trillion dollar company thing — yeah, that ain’t happening anytime soon.