Apple Inc. (AAPL): Greaking Through The $600 Mark

apple inc.Apple Inc. (NASDAQ:AAPL) rose 2.09 percent this week from the close of trading on Wednesday, May 14, 2014, to the close of trading May 21, beating all three major market indexes.

Last Thursday, activist investor Carl Icahn revealed, via his 13-F filing, that he had increased his holdings in AAPL by nearly 60 percent.

He now has more than $4 billion invested in Apple.

Also last Thursday, online-advertising company Chitika said that a study it conducted of U.S. and Canadian smartphone web usage showed that 53.1 percent of smartphone web traffic came from iOS users, with Android (NASDAQ: GOOG) users following behind at 44.5 percent.

Windows phone (NASDAQ: MSFT) users accounted for a mere 1 percent, while Blackberry (NASDAQGS: BBRY) users lagged even further behind with 0.8 percent.

A former iPhone user filed a class-action lawsuit against Apple in California on Thursday, claiming that after she switched to an Android phone, she was no longer able to receive text messages sent from people using iPhones.

In other legal news, Apple and Google agreed to drop all patent lawsuits against each other, according to the Wall Street Journal.

The disputes involved Motorola (NYSE: MSI) devices. There were about 20 active lawsuits in the U.S. and Germany.

The companies agreed to work together on some aspects of patent reform.

On Monday, TheStreet reiterated its “Buy” rating for AAPL and gave it a grade of B+, saying that it saw no significant weaknesses and multiple strengths, including Apple’s revenue growth, reasonable amount of debt, healthy cash flow, and increasing profit margins.

Rumors continued to fly about Apple’s expected acquisition of Beats Electronics, the privately-held premium headphone and streaming-music company headed by music producer Jimmy Iovine and rap star Dr Dre.

The move is expected to make Apple more competitive with the popular streaming-music services provided by Pandora (NYSE: P) and privately-held Spotify.

According to rumors, the deal is expected to be completed soon.

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