Apple’s (Nasdaq: AAPL) introduction of the new iPad yesterday is giving the world’s most famous tech stock its biggest one-day boost since February 21.
Apple stock was up 11 points today to $542 a share – an increase of more than 2%. Wednesday’s unveiling of the company’s new iPad electronic tablet – which is said to have a sharper display and faster communications than its predecessor, the iPad 2 – had investors buying shares in the tech giant again today after the stock had regressed nearly 3% in the last week.
As has been well chronicled of late, Apple has been on an absolute tear in recent weeks. The stock is up 33% year-to-date, 50% since late November. Last week Apple crossed into extremely rarefied air, becoming just the fourth company ever to achieve a valuation of at least $500 billion.
The new iPad isn’t the only new product Apple is unveiling this month. A new version of the Apple TV – a device that supports higher-resolution video –goes on sale March 16.
Since debuting in 2010, iPads have been a big seller for Apple. Sales of the device more than doubled to 15.4 million units in the quarter that ended in December. Apple has sold more than 50 million iPads to date.
Chances are it’ll sell plenty more in the coming months. In other words, the astonishing rise of Apple’s stock may not be over yet.