How Apple Stock Got Red Hot Again

wochit technology
December 04, 2013 AT 9:32 AM
After Apple stock had lost its momentum in recent months, it has spiked higher in the past two weeks and outperformed the S&P 500 by 8.8%. Buzz around the recent iPad was enough to cause a technical breakout when the stock broke above $535.On November 30, InfoScout reported that about 40% of Black Friday purchases of iPad were by existing Google Android phone users. If this trend continues, this is an extremely positive development for Apple. First, it means that even though Android tablets are cheaper, consumers prefer iPads. Second, this gives an opening for Apple to convert Android smartphone users to iPhones.