Apple Inc. (NASDAQ:AAPL) shares closed 0.30% higher on Monday as liquidity was thin during the Fourth of July holiday in the US. However, a look at the recent share price action suggests that investors are holding out for the release of the newest iPhone 7 model in September, along with the company’s other product offerings.
Apple has a market cap of $526.82 billion at 5.48 billion shares outstanding. Shares have been trading in a 52-week range of $89.47 to $132.97.
Leaks and rumors surrounding the iPhone 7 appear to be keeping Apple stock prices supported for the time being, although many analysts doubt that the bullish run could find stronger legs in the next couple of months. After all, demand from its second largest market, China, has been on the decline based on its latest batch of earnings reports. iPhone sales are also facing headwinds from more competitive gadget-makers as well.
Still, some are hopeful that the iPhone 7 updates might be enough to revive demand for Apple shares in the fall. Word through the grapevine is that the iPhone 7 is still expected to come in 4.7-inch and 5.5-inch display variants and might have the same shape as earlier generation iPhones.
Features to be added are rumored to be a Force touch home button, which might integrate haptic feedback and provide more functionality to a simple physical button that wakes the phone. Also, sources say that the space gray variant may come in a much darker shade compared to the iPhone 6/6S. But even if these features impress or disappoint, it would take a few more months for the markets to see if these updates were enough to shore up demand for the iPhone units or not.
Apple is a company that designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Its main gadget offerings are the iPhone, iPad, Apple Watch, Macbook, and iMac computers.
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