Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Apple shares top $300

chart_ws_stock_appleinc.top.png By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- Apple's stock price crossed the $300 benchmark for the first time on Wednesday, driven by the success of the iPad and other products.

Shares of Apple (AAPL, Fortune 500) jumped to $300.51 per share in the first few minutes after the opening bell. They held those most of those gains throughout the day, closing at $300.14.

This has been a great year for Apple's stock, which has surged about 40% year-to-date. That's compared to the Nasdaq, which has gained about 1.2% so far this year.

"It's the runaway success of the iPad and the continuing success of the iPhone," said Andy Perkins, analyst for Societe Generale in London.

He said that Apple has not had to lower the price of the iPad, despite having produced a large volume of the devices since their debut earlier this year.

"The anticipation was as they shipped more the price would lower, but the margins have kept much higher than people had anticipated," said Perkins.

Apple, based in Cupertino, Calif., plans to announce results for its fiscal fourth quarter on Oct. 18.

The company is expected to announce a 91% gain in quarterly revenue of $18.8 billion and a 123% gain in earnings to $4.05 per share, according to a consensus of analyst opinion from Thomson One Analytics. To top of page

Index Last Change % Change
Dow 17,949.37 19.38 0.11%
Nasdaq 4,862.57 19.90 0.41%
S&P 500 2,102.95 4.09 0.19%
Treasuries 1.46 -0.03 -2.15%
Data as of 8:56pm ET
Company Price Change % Change
Bank of America Corp... 13.10 -0.17 -1.28%
Micron Technology In... 12.50 -1.26 -9.16%
Ford Motor Co 12.72 0.15 1.19%
Chesapeake Energy Co... 4.59 0.31 7.24%
General Electric Co 31.49 0.01 0.03%
Data as of 4:04pm ET
Sponsors

Sections

Zenefits' new valuation is part of an agreement with investors announced by CEO David Sacks on Thursday. More

Investors are already sifting through the Brexit market rubble for opportunities. Morgan Stanley compiled a list of highly-rated stocks that have limited or no direct exposure to the situation in the U.K. More

The New Jersey Senate and Assembly disagree over which tax cuts should accompany a 23-cent-per-gallon hike in the state's gas tax. As a result the hike won't go into effect Friday. More