Apple, Apple Shares | featured news

The slump in Apple Inc's share price from its September high has badly dented the returns of hundreds of mutual funds that had maintained outsized holdings of the stock. But some went sour on the iPhone-maker just in time.

Shares of Apple moved above $700 for the first time ever Tuesday morning, boosted by a strong reception for the latest version of its popular iPhone.

Apple shares will soon set you back more than a brand new MacBook Air, writes Brian White at Topeka Capital Markets, who initiated coverage of Apple Monday with a ‘buy’ rating and a 12-month price target of $1001 on the stock.

Apple, one of the world’s richest companies, will reward investors with a dividend- and share-purchase program totaling $45 billion over three years, the company said Monday. In a departure from the direction of late chief executive Steve Jobs, Apple will significantly draw from its massive $98 billion cash war chest to initiate a quarterly dividend of $2.65 per share sometime in the fiscal quarter beginning July 1.

Shares of the Silicon Valley giant has touched $600 for the first time, about a month after reaching the $500 mark.