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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