Apple shares jump, hover shy of $500 mark
Today's jump comes alongside expectations of Apple announcing a new version of its iPad next month. A reportfrom All Things Digital this morning that was posted shortly before the market opened, claimed that Apple would be holding that event the first week of March, as well as adding details about what features it would include.Related storiesiPhone 4S propels Apple to massive earningsApple shares close on a high following earnings bumpApple's fiscal 2011 by the numbersApple will reportedly unveil iPad 3 in early MarchApple's stock began its latest surge immediately following the company's first quarter earnings, which were announced January 24. The company posted record revenues and profits, led by all-time sales records for its iPhone, iPad and Mac products. Apple also forecasted earnings for its current quarter that came in ahead of what analysts were expecting. Immediately after the news, shares shot up nearly 8 percent, going on to close the next day up another 6.24 percent.Long before that, the recent surge has been part of a larger recovery of the company's shares since the death of co-founder and CEO Steve Jobs in October. As Fortune's Philip Elmer-DeWitt noted yesterday, the company's share price has gone up about $100 since then; today, they're up a total of $120.67. Apple's soaring valuation will likely get its share of attention at the company's annual shareholder meeting later this month. In a note to investors posted by Fortune earlier this week, UBS said that Apple's management has been "soliciting opinions of large shareholders" about paying a dividend, something that Apple does not currently do, but is frequently asked about.Beyond today's gains, onlookers are eyeing Apple's stock to see if the company's market cap can hit the half trillion dollar mark. An updated share price target from Goldman Sachs last month put Apple's shares at $550 after the firm's re-estimation of the company's iPhone sales, a price that would put it about $12 billion past that milestone.
