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Apple stock nears record high

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Apple looks to manufacture in India

Apple has discovered its groove once more.

The iPhone maker’s inventory hit $133.82 in early buying and selling Monday, placing Apple lower than $1 away from its intraday trading high of $134.54, reached in April 2015. Apple’s inventory ended the day at $133.29, beating its earlier file closing worth of $133, set in February 2015.

The inventory surge, pushing Apple (AAPL) to a $700 billion market cap, comes amid renewed optimism for the iPhone.

Goldman Sachs raised its worth goal for the inventory on Monday, citing the chance of “main new options” like “3D sensing” being added to the subsequent iPhone mannequin, in keeping with an investor word offered to CNNMoney.

Apple’s earlier excessive was set six months after it launched the redesigned iPhone 6 and 6 Plus, kicking off what CEO Tim Prepare dinner described because the “mom of all upgrades.”

Since then, nonetheless, Apple has bucked its custom of overhauling the iPhone each different yr. The latest fashions in the marketplace at this time look almost an identical to the iPhones out there in late 2014.

The lengthy wait, mixed with this yr marking the iPhone’s tenth anniversary, has solely raised expectations that Apple is about to considerably overhaul its smartphone and reignite demand.

Related: Tim Cook: ‘Apple would not exist without immigration’

Apple’s annual sales fell within the 2016 fiscal yr for the primary time since 2001 as iPhone gross sales, nonetheless the vast majority of its enterprise, declined in three consecutive quarters.

Apple even cut its CEO’s pay by 15% as a result of firm’s failure to fulfill its efficiency targets for each gross sales and earnings.

However that dropping streak simply ended.

Apple sales began rising once more within the December quarter, pushed by stronger demand for the iPhone — notably for the bigger and costlier iPhone 7 Plus.

The corporate offered 78.3 million iPhones for the quarter, setting a brand new file. No less than a few of which may be as a result of Samsung’s smartphone recall woes.

Mark Moskowitz, an analyst with William Blair, wrote in an investor word this month, “Samsung’s Notice 7 struggles doubtless helped.”

The iPhone is not the one purpose Wall Avenue is happy about Apple. There’s additionally President Trump.

Regardless of Trump clashing with Apple through the marketing campaign, traders are actually optimistic Apple will profit from not less than one Trump proposal: reducing taxes on money that U.S. companies deliver again from their abroad accounts.

Apple at present has $230 billion in cash held in international accounts. If Trump and Congress make it cheaper for Apple to deliver that cash again, it may very well be used for acquisitions and buybacks.

CNNMoney (New York) First printed February 13, 2017: 12:24 PM ET