Apple shares back above $500

  @CNNMoneyInvest October 15, 2013: 7:16 PM ET
Apple 500 chart

Click for more on Apple shares.


Investors are betting that Burberry's loss will be Apple's gain.

Shares of the iPhone maker rallied Tuesday following news that Burberry chief executive Angela Ahrendts will take over Apple's retail and online stores starting next year.

Apple (AAPL, Fortune 500) rose as high as $501.70 a share, its highest level since early September, before ending the day just below $500. Meanwhile, Burberry (BBRYF) stock fell 7% in London. Thinly traded U.S.-listed shares of the fashion retailer were down in tandem.

Of course, Apple's shares are still a far cry from last year's highs above $700. The once-mighty Apple has been fending off competition from rivals like Samsung, which sell phones running on Google's (GOOG, Fortune 500) Android operating system. There are also questions about Apple's ability to innovate since it has not released a truly groundbreaking product in a while..

Related: Angela Ahrendts will be Apple's only female executive

Ahrendts helped build Burberry, which makes high-end outerwear and accessories, into a leading brand in China's booming luxury market.

Investors seem to be hoping that she will do the same for Apple, which recently launched a cheaper version of the iPhone aimed at the Chinese market.

The secrets behind Burberry's growth

Apple shares were also supported by news that the company will hold an event next week in which it is widely expected to unveil the latest version of the iPad. The upgraded tablet is believed to be thinner, lighter and feature an improved camera. To top of page

Join the Conversation
Sponsored by
Index Last Change % Change
Dow 16,514.37 65.12 0.40%
Nasdaq 4,161.46 39.91 0.97%
S&P 500 1,879.55 7.66 0.41%
Treasuries 2.70 -0.03 -1.14%
Data as of 9:28am ET
Company Price Change % Change
Xerox Corp 11.59 0.12 1.05%
Peabody Energy Corp 17.31 -0.12 -0.69%
General Motors Co 34.23 0.25 0.74%
Fifth Third Bancorp 21.00 0.28 1.35%
Twenty-First Century... 32.80 0.21 0.64%
Data as of Apr 22
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.28%4.26%
15 yr fixed3.30%3.30%
5/1 ARM3.35%3.30%
30 yr refi4.32%4.25%
15 yr refi3.35%3.29%
View rates in your area
Find personalized rates:
Rate data provided
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.