Apple Inc. (NASDAQ:AAPL) extended its rally on Friday, ending last week in positive territory with a gain of about 1% as compared to 5.22% advance in the first week of August. So far the stock surged 53.51% for 2012 and, at last close, was up 2.73% from 20 day moving average and kept distance of 5.09% from 50 DMA.
The world’s most valuable company started last week on an upbeat note , scoring the best closing price not seen since April 12 after news of making a bid for Eastman Kodak Co.’s digital patents. In fact, two bids from investor groups pitting Silicon Valley giants Apple Inc. and Google Inc. were reported. Both teams offered around $150 million to $250 million.
Next day, shares were down after the announcement came in that the app for video clip service YouTube is not included in the next version of Apple’s iOS6 operating system. The company said the app had been discontinued due to expiry of its license to produce the program. Apple said Google Inc (NASDAQ:GOOG) was involved in development of its own version of the app which should hit the market soon.
The stock faced another fall Wednesday after research firm IDC reported that for every iPhone shipped in the second quarter there were four Android phones. The ratio was up from 2.5 to 1 in the corresponding quarter last year. The victory of Samsung’s Android phones supported Google’s operating system to strengthen its supremacy in the smartphone market.
On Thursday, the stock made some recovery after the U.S. Federal Trade Commission obliged Google Inc to pay $22.5 million in order to settle claims that it breached the privacy settings of customers using Apple Inc’s Safari browser. It was the biggest penalty ever on any company for disobeying an FTC order, yet the fine is a drop in the bucket compared to Google’s second-quarter revenue of $12.21 billion.
Finally, Friday’s rally led AAPL shares to score a weekly gain after a witness provided evidence that 21 Samsung Electronics Co. smartphones copy patented technology for “rubberbanding,” that means an iPad or iPhone screen appears to rebound when a user scrolls to the end of a file.