iPhone News Updated

Record iPhone, Mac sales propel Apple stock this morning

Record iPhone, Mac sales propel Apple stock this morning

Apple stock surged to a nearly two-year high this morning after the Cupertino company reported record sales of iPhones and Mac computers.

At 8:20 a.m. PDT, Apple shares were trading at $199.92, up $10.06, or 5.3 percent. They were trading over $201, the highest point since December 2007, just after the stock markets opened this morning.

“I’m sitting back and looking at what Apple has done, and I think Apple is the new Sony,” Grigsby & Associates portfolio manager Hakim Kriout told Bloomberg News. “An entire generation is growing up demanding Apple’s products, and nothing but Apple’s products.”

After the markets closed Monday, Apple said its profit jumped nearly 47 percent to $1.67 billion, or $1.82 a share, in its fiscal fourth quarter. Sales were up 25 percent to $9.87 billion. Both figures far exceeded the expectations of Wall Street analysts.

Apple sold more than 3 million Macs in the quarter, a gain of 17 percent from a year earlier. Sales of iPhones were up 7 percent to 7.4 million.

[Thanks: http://www.mercurynews.com]

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