Apple stock has needed a fresh catalyst for quite some time, and it's about to get one.
In the first of two related developments, Apple Inc. (Nasdaq: AAPL) has scheduled an event on Tuesday to unveil its new flagship iPhone 5S as well as a lower-cost version, expected to be called the iPhone 5C.
Apple (Nasdaq: AAPL) stock hit about $500 a share today (Wednesday) - a level not seen since January - and some option traders might want to send Carl Icahn a fruit basket...
You see, Tuesday afternoon, in a single tweet, the legendary 77-year-old activist investor added more than $17.26 billion to Apple's market cap. At 2:21 p.m., pre-tweet, AAPL stock was trading at $475. Following the tweet, shares shot up to $494, before settling the day at $489.57.
But given all that's happened, AAPL at $400 is a better deal than it may appear.
"It's obviously been hit, but it's bounced. It's held up," said Money Morning Capital Wave Strategist Shah Gilani. Pointing to the recent volatility in the markets, Gilani said, "The markets have been hit really hard and Apple has held up beautifully."