Wall Street likes the new Apple Music Store. Shares have jumped from a low of $13.12 on April 17 to $17.09 as of the time of this post. My IRA is very happy.
I have been a longtime fan of Apple as a technology innovator. About 6 years ago, just before the introduction of the iMac, Apple shares were about the same low point. The adjective “beleaguered” was de rigeur every time the company was mentioned in an article. People talked openly about the company being bought out by Sony, Disney, even Microsoft. But then came the iMac which re-defined the personal computer and the stock soared to over $40 at which time it split.
Then the economy took a hit, the market fell, the dot-coms bombed, and Apple shares tumbled. Could the new Apple Music Store be another “iMac” hit? I think so. Some analysts are still bearish on Apple, but so were many others even after the iMac was launched. I think Apple’s future is bright, especially once iTunes for Windows hits the MS market later this year.