Apple stock hits new high after 4-month dip

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Associated Press

Posted on August 17, 2012 at 11:00 AM

Updated Friday, Aug 17 at 5:20 PM

NEW YORK (AP) — Apple's stock has hit a new high after a four-month swoon, as investors are looking ahead to the release of a new iPhone model, and possibly a smaller iPad.

Already the world's most valuable company, Apple Inc. saw its stock hit $644.13 in morning trading Friday, before retreating to $642.

The previous high for the stock was $644, hit on April 10.

Apple has a market value of $602 billion, almost 50 percent higher than No. 2 Exxon Mobil Corp. at $408 billion.

Apple's stock fell last month after the company's earnings report for the April-June quarter showed the slowest growth in more than two years. It was only the second time in 10 years that Apple had missed analyst expectations.

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