Buzz About the iPhone 5 Pushing Apple Stock Up

Buzz About the iPhone 5 Pushing Apple Stock Up

Apple shares closed today at $630.00, ending the day at +8.30. The last time it ended the day near that mark was on April 10, when it closed at $628.44.

There is more evidence that the iPhone 5 is on its way in the form of more price cuts at retailers, as Best Buy and Target followed Sprint’s lead by cutting their prices on the iPhone 4 and 4S.

While Sprint offers the iPhone 4S at a $50 discount, Target has reduced their prices on both AT&T and Verizon models by $20, and Best Buy has cut their iPhone 4 pricing by half, offering the device at just $50. As we previously noted, Apple is also matching those discounted prices.

The price cutting, coming on top of reports of record quarters for many Apple suppliers, appears to be stimulating Apple stock, with traders obviously counting on the new iPhone model to lift Apple to record highs once again.

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