Apple climbs after analyst questions stock decline - 13 WTHR Indianapolis

Apple climbs after analyst questions stock decline

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NEW YORK -

Shares of Apple jumped 7 percent Monday, having been in a decline since mid-September.

After hitting an all-time high of $705.10 on the day the company launched the iPhone 5, Apple's stock slumped into correction, and then into bear territory, down nearly 21 percent from that September high.

Topeka Capital Markets analyst Brian White said the sell-off over the past eight weeks is overdone. He cited new "blockbuster" products for the holiday season - including the iPad Mini - as reasons for buying the stock.

Apple warned late last month that the costs of making new items would cut into profit in its holiday quarter. On the same day, the company fell short of Wall Street expectations for the second quarter in a row - something that hasn't happened in more than a decade.

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