Apple’s Shares Edge Up on News of New iPhone and iTV

Michael Teague |

Tim Cook CEO of AppleThe recently embattled shares of tech giant Apple (AAPL) were up around 0.50 percent on Wednesday, to $432.24, as reports have emerged that the company is planning to release a new version of its most recent iPhone 5 as soon as the second quarter of 2013, potentially with an upgrade to the phone’s operating system.

The company is also reportedly continuing work on a cheaper version of the iPhone that will use a different shell-casing from the current one, which could also go on sale before the end of the year.

Prior to the start of trading, Brian White of Topeka Capital Markets said in a research note that, based on his recent visits to certain of Apple’s Chinese and Taiwanese suppliers, he believes the company will finally release the “iTV” in 2013 as well, in several different sizes ranging from a mini 9.7 inch screen, to larger 50, 55, and 60-inch versions, that will be controllable via an “iRing” that fits around the finger.

White said the iTV will sell for between $1,500 and $2,500.

The company has confirmed none of the speculation in the middle of what has already been a rough week: on Tuesday, Goldman Sachs (GS) removed the company from its list of most highly recommended stocks.

And all of this one day after CEO Tim Cook apologized to Chinese consumers after Apple came under intense scrutiny from that country’s media and the State Administration for Industry and Commerce for certain aspects of its warranty policy on the iPhone 4. The same day, Fidelity Contrafund, one of the company’s largest shareholders, announced that it had sheared off 10 percent of its stake, thereby making one of Apple’s biggest competitors, Google (GOOG), Fidelity’s biggest investment.

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Symbol Name Price Change % Volume
AAPL Apple Inc. 116.60 -0.46 -0.39 23,192,665
APOG Apogee Enterprises Inc. 41.17 -1.11 -2.61 286,305
GOOG Alphabet Inc. 799.37 2.40 0.30 1,266,181
GS The Goldman Sachs Group Inc. 174.67 0.16 0.09 2,004,401


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