Apple Inc. (NASDAQ:AAPL) had a good week, rising 3.45 percent from the close of trading Wednesday, June 25, to the close of trading Wednesday, July 2. It beat all three market indexes for that time period — the Dow, which rose 0.64 percent; Nasdaq, which rose 1.78 percent; and the S&P 500, which rose 0.77 percent.
Apple News of the Week
An Evercore analyst raised his price target for AAPL 15 percent, from $100 to $115, on expectations that Apple’s growth will start accelerating again.
Apple, which hopes to bolster its streaming music services with its acquisition of Beats Music may face new competition from Google (Nasdaq: GOOG), which announced it is buying the streaming-music service Songza.
While Apple and Google are competing on several different fronts, when it comes to apps, Apple is clearly ahead. According to an analyst quoted by Investors Business Daily, Apple has at least twice as many app sales as Google, even though Google devices have twice as many users.
WalMart (NYSE: WMT) reduced its price for Apple’s current model, the iPhone 5. It cut the price of the 16 GB iPhone 5C from $49 to $29 with a 2-year contract, and the price of the 16 GB iPhone 5S from $149 to $99, also with a 2-year contract. Best Buy (NYSE: BBY) also cut prices, and Costco (Nasdaq: COST) started selling a heavily discounted phone.
These price reductions are believed to be signs that the new iPhone 6 will be coming soon.
Apple Rumors of the Week
As the rumored release date of the iWatch draws closer, speculation about its features continues.