Apple Inc. (NASDAQ:AAPL) rose 1.87 percent from the close of trading Wednesday, June 4, to the close of trading Wednesday, June 11, a gain that was almost identical to Nasdaq’s rise during that time period, while beating the Dow and the S&P 500.
Apple’s Wednesday-to-Wednesday gain, however, was reversed by the stock’s drop so far today — a fall of 1.89 percent as of 2:20 p.m.
The big news for the week is that Apple’s 7-for-1 stock split took effect on Monday, June 9.
The market reacted favorably, rising 1.60 percent for the day.
In other news this week, the Wall Street Journal reports that Apple’s new programming language for creating apps — called “Swift” — is faster and easier to use than Objective-C, the language Apple was using before, which could attract younger developers to create new Apple Apps that would appeal to a younger consumer demographic.
Amazon (NASDAQ: AMZN) continues to challenge Apple on various fronts.
Today, the company released a streaming music service for its Amazon Prime customers, which will compete with the new service that Apple will soon be launching with its acquisition of Beats.
Meanwhile, in Europe, EU investigators are looking into whether Ireland and other low-tax countries were offering improper tax breaks to Apple and other multinational companies, including Starbucks (NASDAQ: SBUX).
Apple denied receiving “selective” tax treatment from Ireland and pointed out that it was a large employer in the country.
Rumors of the week:
Rumors about the iWatch seem to be everywhere, as we draw closer to the expected date of the device’s release.