Apple Stock Jumps More Than 7% After Falling to 6-Month Low

Seth Fiegerman
Apple Stock Jumps More Than 7% After Falling to 6-Month Low
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1. AudioNote

Apple's stock just had an insanely great day.

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The company's stock jumped by more than 7% in trading Monday, ending the day at $565.73 a share, its highest point in nearly two weeks. Prior to this, Apple's stock had been on a two-month long decline, which culminated in the stock falling to a six-month low on Thursday and the company's market cap falling below $500 billion.

The stock began to slip in late September as investors began to worry about supply constraints after the company reported lower-than-expected iPhone 5 sales. The decline has been further exacerbated in recent weeks by several factors, including news of an executive shakeup, a lower-than-expected profit margin for the December quarter and reports that Apple's share of the tablet market has declined significantly -- not to mention general instability in the stock market from the U.S. election and European debt crisis.

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At the end of last week, some were saying there was no bottom in sight for the stock, but this week two analysts expressed renewed confidence in the stock, which appears to have helped turn it around.

Brian White, an analyst with Topeka Capital Markets, wrote in a research note that the sell off of Apple stock "has gotten to the point of being 'insanely insane' given the depressed valuation, new blockbuster products for the holiday season, the attractive long-term growth opportunities that lie ahead and the Company's ability to distribute significant cash flow to investors."

Scott Craig, an analyst with Merrill Lynch, lowered his price target on Apple to $780 a share from $840 previously, but noted that he remains positive about the stock. "Although we do not expect these uncertainties to alleviate near term, we remain positive on current product cycles and believe the stock offers a very attractive balance of growth and value," Craig said in a research note, via Fortune.

Apple's stock is still down about 20% from its all-time high of $705 a share.

Image courtesy of Flickr, Dennis Goedegebuure.

Bonus gallery:10 Excellent iPad Apps You Should Download Right Now

1. AudioNote

Taking notes at a meeting, meet-up or conference? AudioNote lets you link audio recordings to the notes you keep along the way. Later, select a place in your typed notes and the recording from that moment will play. The app also works with a stylus, so you can also link recordings to free-hand notes and drawings. Price: $4.99

Click here to view this gallery.

This story originally published on Mashable here.