Dallas, Texas 07/02/2013 (Financialstrend) – Apple Inc. (NASDAQ:AAPL)’s stock still suffers from significant volatility and uncertainty, causing difficulty in building a solid base above its double-bottom formed in the $380′s recently. After reaching a new floor above the $385 level in mid-April, the equity showed some relative strength and went as high as $465 over the subsequent weeks, an increase of 21% from those lows. However, we think Apple’s share price will not reach the level of $700 per share anytime soon. Apple Inc. (NASDAQ:AAPL)’s shares are trading at higher levels, as more speculation is flowing as to when the next version of the iPhone will be launched in the market. According to the International Business Times, Apple will launch the iPhone 5S on September 20th, just two days following the release of iOS 7. Apple is also believed to be coming up with a low-cost iPhone later this year.
According to other sources, Apple Inc. (NASDAQ:AAPL) is entering a market tremendously dominated by Pandora and Spotify. The company has set terms for its online radio service with record labels that are said to pay the music companies more generously than what Pandora is currently paying. The payments of Apple Inc. (NASDAQ:AAPL) will be based upon a formula of how many times people listen to their songs and how much sales Apple generates through advertising. During the first year of the iTunes Radio, the company will pay a label 0.13 cents each time a song is played. That must be good news for Pink Floyd if they were in the mix.
The shares of Apple Inc. (NASDAQ:AAPL) were up by 2.39% and currently trading at $419.02. The stock opened at $409.96. The market capitalization of the company is $393.90 billion.
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