Apple Inc. (NASDAQ:AAPL)’s stock made a new record on Wednesday, reaching its highest price in the company’s history, $101.09. Dan Nathan, co-founder and editor of RiskReversal.com, Karen Finerman, CEO of Metropolitan Capital Advisors Inc., and CNBC’s Scott Wapner discussed this development in a program. Wapner explained the reasons behind his decision to buy more Apple Inc. (NASDAQ:AAPL) stocks and said that Apple Inc. (NASDAQ:AAPL) reached a significantly good price although it can still go up.
“[…] I thought my down side was $85, I wanted to wait for a break of that old high, which was, I guess par $72, $74 somewhere around there, I could have waited another couple of days. Probably a responsible trader, unlike myself would have waited another day or two. I didn’t, I felt it was there, a nice setup, so I bought more, now I am in a full position in Apple Inc. (NASDAQ:AAPL),” said Wapner.
Nathan said that Apple Inc. (NASDAQ:AAPL) always reaches new records before the launch of new iPhone. He said that in September 2012, Apple touched its all-time high before the launch of iPhone 5S and same is happening this year. Nathan said that Apple Inc. (NASDAQ:AAPL) stock needs another push apart from iPhone, which can take it up to a $120 because relying heavily on iPhones for stock highs is not going to facilitate Apple in the long term.
Finerman said that the latest rise in Apple stock is a genuine value elevation. She disagreed with Nathan on his claim that Apple is at the same place where it was in September 2012. She said that the recent performance of Apple Inc. (NASDAQ:AAPL) stock must be seen in the context of the whole market.
Famous investor Carl Icahn is one of the top shareholders of Apple Inc. (NASDAQ:AAPL), owning 52.8 million shares of the company as of the end of June.