Apple Stock Rallies Up Near 13 Percent

By: Rob Adams
Published: Nov 25, 2008
Updated: Mar 18, 2010

Apple will face a tough road ahead as analysts predict a weaker outlook for its iPhone and iPod sales. At the same time, analysts increase raised earning estimates for Mac notebooks. Apple shares were up near 13 percent on Monday trading.

Apple Inc shares rallied on Monday after soaring 12.6 percent. This rally comes after JPMorgan analyst Mark Moskowitz raised estimates for the Apple Mac notebooks.

Sales for the iPod and iPhone are still a bit gloomy. JPMorgan says that while the new RIM BlackBerry Storm is no Apple iPhone, it still poses a serious threat that could impact iPhone 3G sales. In a memo posted on Monday morning, the firm said iPod units are likely to decline year over year in the quarter.

Verizon Wireless is using a network to power the new BlackBerry mobile for corporate e-mail servers and a new interface. The Storm mobile phone launched last week. The mobile device was sold out in many Verizon stores by Friday.

While the outlook for the Apple iPhone and iPod look uncertain, JPMorgan raised estimates on the Mac. For the quarter, the firm now sees $1.38, up from $1.29, and for the fiscal year, $4.86, up from $4.53.

Apple closed up 12.6 percent to $92.95.