Apple shares jumped over 7% on Monday as an eight-week sell-off has ended. The Associated Press cites one analyst, Brian White from Topeka Capital, as calling the sell-off “insanely insane”.
Shares reached their highest point when the iPhone 5 was launched. At that time, Apple had just announced that pre-orders had topped 2 million in the first 24 hours, which broke the record previously held by the device’s predecessor – the iPhone 4S.
After hitting all time high, shares began to fall back down to earth. Last month, Apple released its quarterly earnings, which included disappointing iPad sales. There were also reports of the company losing iPhone loyalty.
On top of that, news came out that Scott Forstall, an Apple executive, who led the development of the devices’ operating system was leaving the company.
The holiday season is now upon us, and many have i-devices on their lists. It’s bound to be a good quarter for the company.
Shares closed at $565.73. In pre-market trading on Tuesday, shares were at $567.29.