The following is an excerpt from Roland Jones | April 6, 2012 | msnbc.com |
With the stock market nearing record highs, there’s a race on among three technology stocks to speed through the $1,000-a-share checkered flag.
The Standard & Poor’s 500-stock index has more than doubled from its 2009 bear-market low and is trading around 1,400, within hailing distance of its October 2007 record high of 1,565.15. The widely followed broad market index is up 12 percent so far this year.
As the market has rallied it has carried many technology names along with it, including Priceline, Apple and Google, each which are trading well north of $600 a share. Reaching the fabled $1,000 level would not necessarily indicate a company’s stock should be bought or sold, but it would certainly confer bragging rights.
“[The $1,000 level] really shouldn’t matter, but people still remember the dot-com bubble,” said S&P Capital IQ analyst Scott Kessler. “The fact that we are seeing stocks rise to these levels may be a signal of that sentiment again.”
Topeka Capital Markets analyst Brian White made headlines this week with his prediction that Apple’s share price could hit not just $1,000 but $1,001 within the next 12 months as it moves into new markets and expands its presence in China.
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