Weeks before 5G iPhone 13 line is announced, Apple's shares hit a new all-time high
Apple could be introducing the 2021 iPhone 13 line in about three weeks. Investors, expecting a huge demand for the new handsets, have pushed Apple's stock to a new all-time high on Monday. During the day, Apple hit a peak of $153.49 before closing at $153.12 for a gain of $4.52 or 3.04%. If you do buy the stock expecting a bounce heading into the unveiling of the new iPhone line, you might want to remember what happened last year.
Thanks to the pandemic, Apple held off making the iPhone 12 series official until October 13th. On September 18th, 2020, Apple shares closed at $106.84 rising into the event titled "Hi, Speed." On the day before the unveiling, Apple's shares closed at $124.40 for a gain of 16.4% over an approximately three-week period. The close tallied on October 12 was not topped for more than two months.
With Apple's breakout on Monday, momentum investors would consider buying the stock. Those are the type of traders that instead of living by the motto "buy low and sell high" prefer to "buy high and sell higher." If you count yourself among that crowd and are thinking about buying the stock, you might want to remind yourself what happened last year immediately after the iPhone 12 series was unveiled when the stock took over eight weeks to take out the previous peak.
Apple's shares hit a new high on Monday. Credit-Yahoo Finance
With the gain on Monday, Apple's valuation reached $2.53 trillion as it looks to become the first publicly traded firm to reach three trillion dollars. Apple was first to reach a market cap of one trillion dollars in August 2018. Two years later, Apple's valuation hit two trillion dollars. It is the favorite to reach three trillion dollars first.
Apple was also involved in the huge 64% gain in Globalstar stock on Monday. The satellite company soared after reliable analyst Ming-Chi Kuo said that the iPhone 13 series would be outfitted with a Qualcomm chip that Apple would customize to allow the iPhone to connect to a low-earth-orbit satellite. Globalstar was the satellite company cited by Kuo
For 2021 to date, Apple's shares have risen 18.33% although it trails the gain in the S&P 500 for the year-to-date (22.38%). Apple's gains for the year also trail rivals such as Google (up 68.34% for 2021), and Microsoft (39.46%). Apple's stock has had a great year compared with Samsung's shares which are down 9.52% for 2021.
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