Apple climbs; Topeka calls share sell-off 'insane'

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Associated Press

Posted on November 19, 2012 at 10:00 AM

Updated Monday, Nov 19 at 10:02 AM

NEW YORK (AP) — Apple's stock is trading nearly 5 percent higher, with one analyst calling a recent sell-off in shares of the in the iPhone and iPad maker "insanely insane."

Shares of Apple Inc. rose $25.24, or 4.8 percent, to $552.92 in midday trading Monday. Even with the gain, the stock is down nearly 22 percent from the record high of $705.10 that it hit in September.

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

Monday's increase is on track to become the biggest one-day gain since May 21, when the stock closed up 5.8 percent at $561.30.

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