Shares of Apple Inc. (Nasdaq: AAPL) closed at an all-time closing high on Monday, despite a sell-off in the broader market.
Apple shares rose 2.78 percent to close at $411.63 per share, while the Dow Jones Industrial Average slipped 0.94 percent, the Nasdaq lost 0.36 percent and the S&P 500 index dropped 0.98 percent.
Apple is also now firmly in first place as the largest company in the world – boasting a market cap of $381.7 billion, versus $358.6 billion for Exxon-Mobil (NYSE: XOM).
Shares of the iconic giant have climbed 10 percent since late August when Steve Jobs revealed he would step down as chief executive; and have jumped almost 30 percent over the past three months.
Shareholders are likely snapping up Apple stock in anticipation of the next generation of iPhone products – the iPhone 5, which many analysts say will receive unprecedented demand.
Earlier Monday, J.P. Morgan Chase & Co., in a note to clients said: Our research now indicates that two new iPhones will be launched this fall. We expect one (iPhone 5) to usher in a new form factor and be a world-mode device. The other version (4-plus) stands to incorporate minor improvements to the current iPhone 4 form factor and could target China or other midrange opportunities. The implications of this two-pronged launch are meaningful, likely leading to upside potential to iPhone quarterly shipment rates. A device targeting China could add to Apple's super growth rates recently exhibited in the region.
JP Morgan also assessed at $525 price target on Apple shares.