Talk about being the apple of Wall Street’s eye.
Apple, the world’s most valuable company, jumped 8.9 percent to close at $610 a share yesterday after reporting quarterly results that blew away expectations. Apple shipped 35.1 million iPhones in the latest quarter, quelling fears of a slowdown.
The surging shares also helped the Nasdaq notch its best day of the year. The tech-heavy index gained 68.03 points, or 2.3 percent, to 3,029.63.
Analysts were upping their targets for Apple, including Brian White of Topeka Capital Markets, who said the price could hit $1,111 a share.
“Apple fever is spreading around the world,” White wrote, predicting the tech bellwether would be worth north of $1 trillion within the year.
Meanwhile, Sprint, which has been struggling to compete with Verizon and AT&T, reported a narrower-than-expected loss and revenue that topped estimates, thanks to the iPhone.
The company also indicated it was anticipating the release of the iPhone 5.
