While there was plenty of fanfare around last week's Apple Music and Beats 1 launch, it was a relatively uneventful week for Apple (NASDAQ: AAPL) on Wall Street. Share prices opened Monday at $125.46 and closed the short week on Thursday at $126.44, reaching a high of $126.94 during trading on Wednesday.
Apple Inc. (NASDAQ:AAPL) made news this week on several fronts, including a change to the royalty structure in its upcoming Apple Music service. Apple SVP of Internet Software and Services Eddy Cue stated that Apple would pay artists 0.2 cents per song during the 3-month free trial. While AAPL peaked mid-week at $129.70 after news of the change, the stock closed at $126.79 on Friday. This means AAPL longs were down 70 cents per share from Monday's open.
Most of the Apple (NASDAQ: AAPL) news from last week revolved around the company's annual Worldwide Developers Conference, which kicked off with a keynote address on Monday and seemingly did not inspire investors, as share prices slid $1.10 on that day. The stock had a slight mid-week rebound, reaching a high of $130.18 during Thursday's session, but closed Friday at $127.17 for a loss of $1.73 (about 1.3%) on the week.
Apple (NASDAQ: AAPL) shares opened last week on Tuesday $132.60 and promptly fell below the $130 mark, closing the day at $129.62. Their value recovered and then some on Tuesday, surging to $132.04. The share price dropped off over the next two days closing the week at $130.28.
Apple (NASDAQ: AAPL) shares topped $130 by last Monday's closing bell, and stayed there for the rest of the week. The price has broken $130 before, reaching a high of $134.54 just a few weeks ago on April 28th. This is the longest stretch that it has remained above $130 so far. Stocks opened Monday at $128.38 a share and closed Friday at $132.54.