Promises of new groundbreaking products have made Apple (NASDAQ: AAPL) a Wall Street darling for years. Today, the company was at it again.
Shares of the world’s largest company rose 0.8% today after CEO Tim Cook hinted at a line of new “wearable device” products. Responding to questions at a tech conference about Apple’s declining reputation for innovation, Cook assured that the company has a “several more game changers” on the way.
He followed that up by praising Nike’s (NYSE: NKE) FuelBand activity tracker, which is worn on the wrist like a watch. He called such wearable products a “profound area for technology.”
The promise of something new besides the latest iPhone or iPad – products that have grown stale on Wall Street, if not Main Street – convinced at least a few investors to jump back into the Apple pool. A 0.8%, one-day increase seems like small potatoes. But considering the broad market fell 0.7% today, it was a positive sign for a stock that could use some good news.
Apple shares have fallen 20% this year and 36% since September. The stock has vacillated between $390 and $463 since mid-February.
Today’s mini bounce certainly helps. But it will take a lot more than promises to drive Apple’s stock back to its 2012 levels.
At this point, investors want to see action from Apple.