Apple Stock Hits $500 for First Time in More Than 6 Months

Apple's stock topped $500 a share in midday trading Wednesday for the first time since late January, more than six months ago

The stock surged more than 5% in late trading Tuesday following two tweets from billionaire activist investor Carl Icahn, noting that he had purchased a large number of shares in the company and believed the stock to be "extremely undervalued." Icahn also revealed that he personally suggested to CEO Tim Cook that Apple increase its share buyback plan

Even before Icahn's announcement, the stock had gradually ticked up in recent days on some positive headlines. The Obama administration overturned a looming import ban on some older iPhones and iPads, and the International Trade Commission later ordered that several Samsung smartphones be banned for infringing on Apple patents Read more...