Can Apple Hold On To $700?

Equities Editors Desk |

Apple and other tech companies with highest dividend yieldApple's (AAPL) stock price closed above $700 per share for the first time in its history yesterday. While most on Wall Street agree that the fundamentals of the company suggest that its valuation is still considered cheap over the longer term, investors looking to pick up more of the iPhone maker may be looking at a potential pullback after eclipsing the milestone handle.

Greg Troccoli of TheChartLab.com says that Apple is hitting overbought territory. He isn't the only one, as notable Apple bear Jeffrey Gundlach, CEO of DoubleLine Capital, voices a similar opinion. Shares of Apple are currently trading slightly lower than yesterday's close but only briefly dipped below the $700 level.

However, with the positive feedback the company is receiving for the iPhone 5 from both consumers and industry reviews, there's little reason for bulls to doubt the company can continue to push higher. Factor in that Apple also has new major product announcements in the coming months with the iPad Mini and rumors of a possible revamping of its iMac computers line, the company definitely has no shortage of catalysts.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
AAPL Apple Inc. 112.71 -1.91 -1.67 52,481,151
T.NPI Northland Power Inc. 23.78 0.02 0.08 255,487

Comments

Emerging Growth

Altair Resources Inc.

Altair Resources Inc, formerly Altair Gold Inc acquires, explores and develops mineral properties in Canada. The Company is in the process of exploring its mineral properties.

Private Markets

POMM

POMM Inc. unveils new Android and iPhone Security and Privacy Solution – a must-have add on to any smartphone user. POMM (Privacy on My Mind™) is a mini-computer encased inside…

Trustify

Trustify provides trust and safety in both the digital and physical worlds through our vast network of on-demand Private Investigators.By removing the large retainers and high hourly rates that traditional…