Apple shares jumped over 7 percent on Monday as an eight-week sell-off has ended. The Associated Press cites one analyst, Brian White from Topeka Capital, as calling the sell-off "insanely insane".
Apple hit an all-time new high of $705.10 on the day the company launched the iPhone 5, and then Apple's stock slumped nearly 21 percent from that September high.
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.
Meanwhile, Apple is also making headlines today with a report by Nine to 5 Mac Apple is operating an outlet for refurbished products on the e-commerce website. The Ebay Apple store sells items including iPod Touches, MacBook laptops and iPads.
According to product pages for items sold through the store, the outlet is simply an Apple certified reseller. But 9 to 5 Mac, citing unnamed sources at Ebay, said the store is indeed run by Apple and is in a trial phase at this point.
Items sold through the Ebay store carry a one-year warranty, have been restored to like-new condition, are repackaged, are given new batteries if they are iPods, and go through a quality inspection by Apple, according to the store page.
